Discover Invoicely Pricing for Hospitality Success

Invoicely pricing for Hospitality

giving your customers a variety of payment options and checkout can go a long way in adding credibility to your storefront whether it's an online business or in person having a reputable payment processor especially one that enables credit card processing for small businesses is essential to establishing and maintaining a good solid brand so today I'm going to be talking about the best merchant account service providers available a merchant account basically allows a business to offer a range of payment options and check out and this even goes for cash businesses as well like say a food truck or something like that as more and more people are paying with cards and payment apps a credit card processor opens up a ton of additional sales opportunities and if you have an online presence merchant account services will give you a secure payment processor for a fast safe and relatively easy checkout process that can help you close more sales and keep customers coming back so over the years our different companies have tried and tested a bunch of the many payment processors out there but the ones that I'm about to cover in this reviews are the ones worth mentioning in opinion and depending on you and your situation I bet at least one of them could be the right fit for you in your business and if at any point you like to try any of these payment processors for your business then check out the affiliate links that are down in the description they don't cost you anything and you'll even get a bit of a discount on each of them which you wouldn't find if you went directly to any of their websites so without further Ado let's Jump Right In okay so the first company in today's lineup is called paysafe they're a global payment and credit card processing service that operates in 120 markets worldwide and support all the major payment types from credit cards and digital wallets to direct debit and Bank transfers as well they also offer 70 localized payment types including in store online crossborder and mobile point of sale or POS systems which gives you around a total of 250 ways that you can accept payments if you open a merchant account with them and I know that credit card processing for small businesses can sometimes be expensive but pay saves interchange Plus plan is available to eligible United States businesses for a monthly flat rate of $1.95 with transaction fees of0 50 plus 10 cents for both swiped and online transactions and for an additional $200 a month high-risk Merchants like dating services and gambling sites can also use pay saves greatway as well which is powered by authorize.net which is a Visa subsidiary that allows you to accept credit card payments in multiple currencies from around the world with secure checkout this works for online credit card processing and integrates easily into just about every website and when it comes to payout times I found that they're actually pretty fast as well they deliver your money within one or two business days generally and pay safe lives up to its name by stressing extra secure checkouts and using endtoend encryption ization and other fraud prevention tools but on the downside paysa doesn't offer as many Integrations as some other processors although they are quite versatile their in store payments work with several Terminals and they also offer discounts for Clover devices their mobile app can even turn your smartphone into a payment processor which is especially helpful for people who work on the move a lot like handymen or personal chefs things like that their pricing is geared towards small businesses that are only making a few high value transactions yearly however if you're running a larger business with higher processing volumes you have the flexibility to negotiate discounts based on their custom pricing scheme which means paysafe has something for just about every business okay next up is a company called leaders merchant services otherwise known as LMS and they do things a little bit differently they offer standard Payment Processing for all kinds of businesses as long as they have a physical address and a checking account in the United States so because leaders is powered by paysafe they use the same highly secured authorized.net Gateway from Visa but they also have a lot of deals on POS devices from some of the best known Brands so if you're looking to get some free equipment then you should look into a contract with them so when it comes to pricing they're generally pretty competitive but that's based on their tiered pricing system so it can vary depending on which tier you opt for I'd suggest asking for the interchange Plus pricing plan since it's their most affordable pricing rate also be sure to verify that all their fees and extra monthly charges are clearly spelled out in your agreement especially their early termination fee of $250 to $350 which you need to pay if you ever wanted out of their standard three-year contract okay so leaders merchant services or LMS might not be for everyone especially considering their payment holds on larger transactions such as such as big checks or foreign payments but they stand out in how they help businesses with cash flow issues by giving them business loans and merchant cash advances based on their projection of future sales so if cash flow might be an issue for you leaders might be a good choice just remember to make sure to take some time to read the fine print and again if you're interested in checking out any of these payment processor options you can use the affiliate links that are down in the description to get a discount that you wouldn't find if you went directly to their websites now if merchant account pricing schemes sound a little complicated then you might want to consider Stacks which is our next one they're a flat rate subscription payment processor that gives you an all-in-one Merchant solution for your swiped keyed mobile and contactless payments as well as month-to-month billing I think this is a really great solution for smaller to midsize businesses because there aren't any hidden costs or long-term contracts which also means no early termination fees as well and the stacks paid dashboard is a userfriendly hub that gives you one simple place to manage all your payment processing as well as convenient tools for invoicing billing inventory reporting e-commerce stuff like that and on top of all that Stacks can save Merchants as much as 40% on their processing fees with a membership plan that uses their interchange Plus pricing you pay a monthly subscription rate based on your total annual processing value Stacks subscription start at $99 if you process less than 150,000 a year and go up to about $199 a month if your annual transactions are over $250,000 a year and if you add the interchange Plus transaction fee then the flat rate Stacks charges per transaction is 8 cents for swiped and 15 cents for online credit card payments so this works really well for businesses that are growing really fast but if your transactions amount to less than $20,000 a year then it wouldn't make much sense to pay the relatively higher monthly rate and Stax offers a lot of integration options as well so for example you can easily sync your Quickbooks data into their integrated payment platform which is really handy if you use QuickBooks and there's some great optional add-ons like compatible Terminal Hardware next day payouts a mobile app and Shop in cart software as well but these features are only available to Merchants based in the United States regardless Stax has gotten a lot of good customer reviews for its ease of use extra features and quick processing times but there are some complaints here and there when it comes to customer service and now we've come to our last payment processor payment cloud while they provide merchant account services to businesses of all risk profiles they specialize in higher risk clientele and are known for being one of the best payment processors for small businesses but what really makes them Stand Out is that they don't provide their processing directly they partner with a network of Banks and credit card processors to assist businesses that other payment processors have turned down now transparent pricing is not really common in the merchant account service industry as you found out and payment cloud is no exception you won't find any pricing on their website at all but that goes for just about all the companies that I mentioned aside from Stacks but where payment Cloud stands out is that if you inquire about their services their sales agents are really really quick to provide quotes and any information that you might need the account fees and processing rates will depend on things like your merchant account history sales volume credit profile and the type of business that you're in and if you're wondering what's considered higher risk for online credit card processing the term generally applies to businesses operating in a new sector or in a market associated with financial crime but basically if your chargeback ratio is over 1% you automatically become a highrisk business and will likely have to use the services of a company like payment cloud they'll structure a processing plan for you and if you're high risk this may involve tiered pricing and longer term contracts while for low-risk businesses month-to-month contracts are usually preferable now some potential drawbacks to keep in mind when using payment Cloud are their lengthy application process and complicated pricing policy but on the flip side their customer support gets a lot of good feedback as well they're the only brand listed here where you get personal Hands-On help through the entire application and setup process as well as efficient and in my experience patient technical help with migration from my old platform which really impressed me as well okay that wraps up this review and comparison I hope this helped you get an idea of which merchant service provider could be the best one for your business or businesses if you choose one of these please let me know how it goes for you and if you enjoy today's video give it a like And subscribe to see more videos like this and as I mentioned if you want to give any of these payment processors a try you can use the affiliate links that are down in the description to get a discount on each of them that you wouldn't be able to find by going directly through any of their websites as always I enjoy hearing your thoughts I'll try to get back to any questions or comments that you leave down below as fast as I can finally guys thanks so much for watching see you in the next video