Which service do you use for processing credit card payments and why?
The following answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.
1. Venmo
I recently switched to using Venmo to accept various payments for my business, and I couldn’t be happier. Not only is it easy to work with from a development point of view, but is also has amazing customer service when an issue may comes up (although I haven’t had any really big issues). All in all, Venmo is the way to go.
– Scott Ferreira, MySocialCloud
2. PayPal
This applies more to brick and mortar credit card processing, but right now PayPal is offering free credit card processing for six months with easy-to-meet terms and conditions. It’s amazing, and I am saving thousands of dollars, but I will have to figure out what to do when the deal expires.
– Henry Glucroft, Henry’s / Airdrop
3. InChek
We’ve used everything from Stripe to PayPal. InChek was a smaller company that came highly recommended. A lot of companies talk about fancy features. With payment processing, I just want things to run smoothly and not cause a distraction. InChek has been great to deal with from the start.
– John Hall, Influence & Co.
4. Stripe
We’ve gone through many payment processors over the years, and we’ve hated every single one of them. They’ve been impossible to set up and hard to maintain. We’ve been using Stripe for more than a year without any of these issues. They’ve managed to pair an intuitive API and Web interface with straightforward pricing. Stripe is a no-brainer for any tech startup.
– James Simpson, GoldFire Studios
5. Costco
While researching credit card processors for a side business, I had looked at several. Pricing was a bit high, and I was a little discouraged. I happened to be walking out of Costco one day and saw a brochure for credit card processing. I looked into it, and their pricing was much lower than all those I had researched. I’ve now used them for almost 10 years!
– Andrew Howlett, Rain
6. Flagship Merchant Services
Flagship Merchant Services is one of the best credit card payment processors because it comes with small fees and a simple application and setup process, along with solid fraud protection and customer support.
– Andrew Schrage, Money Crashers Personal Finance
7. Infusionsoft
We use our CRM system Infusionsoft to process our credit card transactions. It’s great having all of our order history directly tied into our CRM because we can easily see which clients have spent the most money, placed frequent orders and many other cool RFM analytics. It also makes it very easy to track ROI from our advertising.
– Patrick Conley, Automation Heroes
8. Bill.com
We’re a B2B company, so Bill.com makes great sense for us. It provides our clients access to pay their bills with credit cards or electronic checking accounts automatically and on-demand. They create all the journal entries into your accounting software and automate your back office so it takes less staff time!
– Robby Hill, HillSouth
