Of all the things you had to consider when launching your business, the way you process your clients’ payments might not have topped your list.
First, you had to nail booking appointments and offering a service that delivers on your promise to clients.
In all that excitement, though, did you consider how in-person and online credit card processing fees would impact your bottom line?
Schedulicity’s goal as a leading online scheduling platform is to make managing your business’ time and expenses convenient and cost-effective. We realized that while there are a lot of platforms that offer credit card processing, they’re often overpriced — which can take a huge toll on a small business. So we set out to create the cheapest credit card processing in the business.
In addition to using our app to accept payments (we offer Stripe and Square integration if that’s your style), you can now process those payments with Schedulicity Pay, which is free to start if you’ve signed up for our Unlimited Bookings Plus add-on.
Before we dive into the most common ways to accept credit cards, let’s just get this out of the way. Schedulicity Pay offers the lowest credit card transaction fees in the industry: flat rates of 1.99% + 10¢ for card dip, swipe, or tap and 2.85% + 25¢ for e-commerce or keyed-in transactions.
It’s not just convenient; it’s the cheapest way for small businesses to accept credit cards online and in-person.
In this article:
- How to compare credit card processing rates
- The cheapest payment processors and their fees
- How we stack up
How Do You Compare Payment Processing Rates?
To find a payment processor that meets the needs of your small business, you’ll need to do an online payment processing services comparison. Doing that legwork can get confusing because different processors offer different rates — and what they offer isn’t always what it seems.
For example, one payment service might offer lower-than-average rates for each card dip, swipe, or tap. If you’re strictly an online business, though, the low rate for card swipes won’t offset the much higher rate for keyed-in transactions.
For some payment services, rates can change even further depending on the type of card a customer uses. It’s common to pay higher rates for transactions that involve rewards, prepaid, or private-label cards instead of major credit or debit cards.
With all those variables, how can you effectively compare the rates that matter most to you and be sure you’re choosing the right and cheapest payment processor for your needs?
Don’t worry. We’ve got you covered.
Cheapest Ways to Accept Credit Card Payments: A Comparison
As more clients turn to credit cards, the more convoluted some processing services make their payment structures. Some are tiered and confusing, and others are competitive but come with monthly subscription fees. Many leading payment processing services are either more expensive or too complicated to fit most small businesses.
To help you start sorting all this out, here’s a comparison of common online payment processing services, organized from cheapest credit card processing rates (ahem, us) to most expensive.
- Schedulicity Pay: $1.99% + $0.10 for credit card dips, swipes, or taps
- Square: Flat rate of 2.75%, including for card dips, swipes, and taps
- PayPal: Similar to Square’s fees, but also requires a partnership with an additional point-of-sale system
- Mindbody: 2.75% (qualified), 3.5% + $0.15 (non-qualified) and a $15 monthly minimum fee applies if you process less than $550/month
- Vagaro: 2.75% for “small businesses”, i.e. any business processing less than $4,000 per month
- Stripe: Flat rate of 2.9% + 30¢ on all types of transactions
- Shopify: Varying rates and a monthly fee ranging from $29 to $299
How Else Does Schedulicity Pay Compare With Other Payment Processors?
Schedulicity Pay is designed to take the complexity out of payment processing services and offer the most affordable rates, with easy-to-understand statements that make bookkeeping much simpler.
Besides offering those simple flat rates above:
- No contracts, no hidden fees
- There’s no additional software or subscription to purchase if you’re already using our Unlimited Bookings Plus add-on
- We send everyone a free credit card processing device of their choice
- Unlike some of our competitors, we have a full-time Support team (we call them the Schedulicity Rockstars) to help you work through any issues
- You’ll receive daily deposit emails and have access to detailed online reporting
- Credit card processing that’s built right into your online scheduling tool means clients can book with you, buy packages or products, and check out in one go
Keeping it simple and transparent means that you’ll have a better idea of what you’ll see on your statement each month. Because we don’t want to just be the cheapest payment processing out there — we want you to love the experience, too.
Now that you know how the options stack up, you can use this information to find the cheapest way for small businesses to accept credit cards. If you’re sold on Schedulicity Pay, we don’t blame you. You can start accepting payments today by signing up for Schedulicity and our Unlimited Bookings Plus add-on.