Payment Prosesing Company List - Best For Business

Credit card processors are largely responsible for the transmission and security of data when you use your card in a store or online to make a purchase.

With hundreds of services to choose from, how do you choose the best payment processing company for your business and customer experience? Columnist Steve Olenski reveals his best option to help him find the right match.

Payment Prosesing Company

There area unit 2 kinds of processors within the payment card system. dealings from the bourgeois front-end processor path to the cardholder bank to get authorization; that's, they make sure that customers have enough funds or funds to create a procurement. The back-end processor is to blame for finalizing the funds, that ends with the bourgeois receiving the deposit for the dealings.

Besides the general expertise, you may conjointly need to contemplate what kinds of payments the processor accepts, what fees ar charged and also the platforms wherever transactions will occur, like on-line or mobile app.

Payment Prosesing Company List

Below, we've printed the most important players in mastercard process and delineate their major strengths.

• Citibank:  The consumer division of Citigroup processes transactions in more than 100 currencies. It offers end-to-end processing services, from pricing to transactions, reporting, customer service, and billing.

• Wells Fargo: One of the "Big Four" U.S. banks, Wells Fargo offers next-business day funding, encryption and tokenization technology, and support for both PIN and signature transactions.

• Chase Paymentech: The payment processing arm of JPMorgan Chase, the largest bank in the U.S., authorizes and processes payments in more than 130 currencies. And like its peers, it offers analytics, fraud detection, and security solutions.

• Global Payments: Global Payments focuses on ensuring businesses accept all major forms of payments. To that end, its services include credit/debit/purchasing cards, electronic check conversion, money transfer, verification and recovery services, gift/loyalty cards, check guarantee, ACH checks, financial EDI services, and point-of-sale equipment.

• Bank of America Merchant Services: Bank of America Merchant Services has the advantage of functioning within the second-largest bank in the U.S. The service promises acceptance of all kinds of payments (credit cards, debit cards, electronic checks, and gift cards), access to funds on the next business day, and mobile support.

• Barclays: Barclaycard payment solutions facilitates in-person, phone, web, and even mail order payments through desktop and portable card machines.

• Cielo: Cielo is the largest Brazilian credit and debit card operator and the largest payment systems company in Latin America. The company debuted on the Sao Paulo Stock Exchange in 2010.

• First Data: First Data facilitates small business payments with its Clover suite of products, including a mini reader that works without Wi-Fi and a mobile reader that attaches to other devices in order to process payments on the go.

• Vantiv: Vantiv has been successful thanks to its nearly error-free purchases, authorizations, and captures. In May 2015, it successfully completed 95% of these transactions, ahead of competitors such as Worldpay, PayPal, and Braintree. The company also has a significant speed advantage, as it often processes payments data in less than a second.

• TSYS: Short for Total System Services, TSYS supports millions of buyers and sellers around the world through four major branches: issuing services, acquiring services, prepaid solutions, and merchant solutions.

• Moneris: Moneris is the largest credit and debit card processor and acquirer in Canada. It processes more than three billion transactions each year for more than 350,000 merchants, and the company employs more than 1,900 people in North America.

• Worldpay: The UK-based company is one of the longest-tenured online payment platforms. The company provides several payment services for both online and in-store channels. As of August 2016, the company had 400,000 merchant clients. In 2015, it processed 13 billion transactions valued at more than $526 billion. Worldpay has grown its volume primarily because of early-mover advantages that have allowed it to build scale. It also provides many different services across channels, which diversifies its revenue streams. 

• Fiserv: American Banker and BAI ranked Fiserv third by revenue among technology providers to U.S. banks in October 2015. Fiserv provides services in account processing, electronic payments processing, check processing, web and mobile banking, and more.

• Heartland Payment Systems: Heartland helps businesses move beyond accept ng major credit cards. The company facilitates payment processing in-store, online, and offsite through multiple methods, such as EMV, Apple Pay, Samsung Pay, Android Pay, and gift cards. It also offers next-day funding, real-time reporting, and 24/7 customer service in the U.S.

• Elavon: Formerly known as NOVA, this company is a subsidiary of U.S. Bancorp. Elavon processes payments in more than 30 countries for more than one million merchants.

• Adyen: Adyen provides e-commerce companies with a payment platform that includes gateway, risk management, and front-end processing services. Adyen is a full-stack gateway and has famous merchants like Facebook and Spotify as clients. The company has brought in merchants thanks to its single platform that can support payments in any channel across 100 different payment methods and 200 countries. The firm processed $50 billion in 2015, up 100% from $25 billion in 2014. It earned $350 million in revenue in 2015, and expects to break $500 million in 2016. 

These card processors handle most volume then several greenbacks a day, however they're still only 1 piece of the larger payments system, which has issuers, merchants, and more.