There are hundreds of payment processors out there, and they all claim to have the “lowest rates” and “best service.” How do you actually choose?
Here's what matters — and what doesn't.
Step 1: Understand Your Volume
How much you process per month determines which pricing model makes sense. Under $10K/month? Flat rate (Square, Stripe) is probably fine — the simplicity is worth it. Over $20K/month? Interchange-plus almost always saves money.
Step 2: Demand Interchange-Plus Pricing
If a processor quotes you a single “rate” without mentioning interchange, they're either using flat-rate or tiered pricing. Both hide the true cost. Interchange-plus shows you exactly what Visa/Mastercard charges and exactly what the processor adds on top.
Step 3: Read the Fine Print
Watch for: early termination fees (red flag), equipment leases (trap), monthly minimums, annual fees, and PCI compliance fees. A good processor doesn't need to trap you with contracts or nickel-and-dime you with junk fees.
Step 4: Test Their Support
Call their support number before you sign up. Did a human answer? How long did it take? When your terminal dies on a Friday night, this is the experience you'll get.
Step 5: Compare Apples to Apples
Don't compare quoted rates — compare effective rates. Take your current statement, find total fees ÷ total volume, and ask the new processor to beat that number with interchange-plus pricing. If they can't show you the math, walk.
That's the approach we take at PAYHERO. We'll run your statement through our analyzer, show you the numbers side by side, and let you decide. No pressure, no games.