Finding the right credit card processor can be frustrating for accounting firms. With so many options and complex pricing models, it's hard to know which provider truly offers the best value.
But there IS a way to easily compare your options and confidently select the perfect payment processing partner for your firm. By reviewing the top providers in 2023 across key criteria like pricing, integrations, and analytics, you can make an informed decision.
In this comparative guide, we evaluate the leading solutions - Helcim, Clover, and Stax - scoring them in areas critical for accountants. You'll discover how these merchant services stack up on fees, reporting tools, customer service, and more. With these insider insights, you can confidently upgrade your firm's credit card processing to a top-ranked provider.
Introduction
Accounting firms have unique needs when it comes to credit card processing. As trusted advisors to their clients, it's critical that accounting firms choose merchant services providers who offer robust data security, transparency around fees and rates, and integration with popular accounting software platforms.
In this article, we'll explore some of the top credit card processing solutions available to accounting firms today. We'll look at offerings from major players like Helcim, Stax, and Clover, comparing features like security protocols, reporting capabilities, and pricing models.
Whether you're just starting out or looking to switch processors, understanding the key differences between providers can help you make the best choice for your firm. A merchant services partner who understands the accounting industry can save you time and money while also providing the level of security and reliability your clients demand.
Who is the biggest credit card processing company?
J.P. Morgan Chase is currently the largest credit card processor globally, handling over $1.4 trillion in credit and debit card transactions annually. As one of the major leaders in payment processing, J.P. Morgan Chase offers robust solutions for businesses of all sizes.
Some key highlights that make Chase a top contender:
- Massive processing volume capacity
- Advanced fraud prevention and risk management tools
- Competitive credit card processing rates
- Omnichannel processing options (in-store, online, mobile)
- Strong customer service and dedicated support
While Chase caters more to enterprise-level merchants, small and medium businesses can also benefit from Chase's high-security standards, account management features, and global payment acceptance.
For most accounting firms, Chase Paymentech provides customizable packages, next-day funding, consolidated reporting, and more to efficiently handle client transactions. quickbooks/">Integrations with major accounting software like QuickBooks helps reconcile payments and invoices faster.
When choosing the best credit card processor, it's important to consider factors like reliability, data security, and transparency around rates and fees. As the largest processor worldwide, Chase offers robust solutions but may not be the most cost-effective fit for all small accounting practices. Comparing options like Helcim, Stax, and Clover can help find the right match based on business needs and client requirements.
Where does RSM rank in accounting firms?
RSM US LLP (RSM) continues to be a leader in the accounting industry. As evidenced by their #5 ranking on INSIDE Public Accounting’s (IPA) 2023 list of the top 500 accounting firms, RSM demonstrates enduring strength.
IPA determines rankings based on participating firm's net revenue from the previous year. As a middle market-focused firm providing assurance, tax, and consulting services, RSM reported significant growth to maintain its high ranking.
What rank is Baker Tilly in 2023?
Baker Tilly continues to be recognized as one of the leading accounting firms in the construction industry. As noted in Construction Executive's recent 2023 list of the Top 50 Construction Accounting FirmsTM, Baker Tilly rose to the #3 spot among U.S. firms, up from #4 last year.
This shift reflects Baker Tilly's ongoing commitment to serving the needs of construction businesses across the country. With specialized expertise and dedicated construction accounting professionals, the firm provides essential advisory services, helping contractors streamline operations, navigate industry challenges, and position their companies for sustainable growth.
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What are the 4 steps of credit card processing?
The credit card transaction process can be broken down into five key steps:
- Authorization - This first step verifies if the customer's account is valid and has enough funds to cover the transaction amount. It puts a hold on those funds until the transaction is completed.
- Authentication - The customer's bank authenticates the cardholder's identity to prevent fraud. This usually involves additional verification like entering a PIN or security code.
- Batching - Multiple transactions are grouped or "batched" together to improve processing efficiency. Batches are usually grouped by date, transaction type, or merchant.
- Clearing & Settlement - This is when money actually changes hands. Clearing transmits payment data. Settlement transfers the funds between the customer's bank, the merchant bank, and credit card networks.
- Funding - Finally, the merchant's bank deposits the batch payment totals directly into the merchant's bank account. This completes the transaction cycle.
In summary, credit card payments involve verifying available funds, authenticating the cardholder's identity, grouping transactions into batches, transferring funds between financial institutions, and paying the merchant. Understanding this flow helps accounting firms properly manage transactions.
Merchant Services Credit Card Processing Essentials
Credit card processing enables businesses to accept electronic payments from customers. For accounting firms, choosing the right merchant services provider is key to maintaining efficient financial operations. This section outlines some fundamentals of how credit card transactions work and what accounting professionals should consider when evaluating processors.
Overview of Transaction Flow
When a credit card purchase occurs, there is a sequence of events behind the scenes facilitating the transfer of funds between parties:
- The cardholder initiates a transaction by using a credit or debit card to make a payment. This card contains identifying information in the magnetic stripe or chip.
- The merchant runs the card through a point-of-sale (POS) terminal provided by their merchant acquirer. This captures the card data, which is encrypted and sent via payment networks like Visa, Mastercard, Amex, or Discover.
- The payment processor receives the authorization request via the card network. They facilitate message exchange between the various players to approve and guarantee the payment.
- The card issuing bank receives the authorization request from the processor, charging the amount to the cardholder's account if approved based on factors like available funds, fraud risk, credit limits, etc.
- The authorization response flows back to the merchant. Once approved, funds can be released to the merchant per the terms of the merchant account. Settlement of the transaction into the merchant bank account follows.
Pricing Models and Common Fees
When researching merchant service providers, accounting teams should understand the predominant pricing models:
- Interchange-plus pricing charges a flat per-transaction fee plus interchange fees assessed by the card networks. This pricing method can provide the most transparency on processing costs.
- Tiered pricing groups transactions into different rate tiers based on card type and risk level. While initially easy to understand, it can mask higher underlying fees.
Some common fees include:
- Authorization fee - Charge per approved transaction to cover processing costs
- Statement fee - Monthly charge for detailed activity reporting
- PCI compliance fee - Ensures merchant meets card network data security standards
- Chargeback fee - Levied when disputes from cardholders result in reversed transactions
Key Evaluation Criteria
When assessing credit card processing solutions, accounting firms should consider aspects like:
- Reliability & uptime to prevent transaction failures and reimbursement issues
- Omnichannel flexibility to support in-person, online, mobile, and recurring billing scenarios
- Seamless accounting software integrations for efficient reconciliation and reporting
- Transaction security and PCI compliance to mitigate fraud risks
- Customer service responsiveness and dispute resolution capabilities
Thoroughly vetting merchant services against criteria like these can help accounting practices select the best fit provider for their needs and avoid pitfalls. Understanding the basics of how card processing works enables informed decision making.
Top 100 Payment Processing Companies for Accounting Firms
Accounting firms have unique needs when it comes to credit card processing. As trusted advisors to their clients, accountants must choose merchant services providers that offer robust integrations, ironclad security, transparent pricing, and excellent support. Here we'll review offerings from leading providers that rank among the top 100 payment processing companies.
Helcim Credit Card Processing Review
Helcim is a top-rated processor built for accountants and focused on features like:
- QuickBooks Online integration for easy reconciliation
- Interchange-plus pricing for full transparency
- 256-bit SSL encryption and tokenization for security
- U.S.-based support with dedicated reps
As a BBB Accredited business with 5-star ratings, Helcim makes it simple for accounting pros to accept payments and manage reporting. Their rates start at 0.50% + $0.25 per transaction with no contracts or monthly fees. For accounting-specific needs, Helcim checks all the boxes.
Clover Credit Card Processing Advantages
Clover offers premium hardware bundles integrating point-of-sale software and credit card readers. Key highlights include:
- iOS and Android POS systems
- Robust analytics and custom reporting
- Inventory management and loyalty programs
- EMV chip card processing
- End-to-end encryption
As an Inc. 5000 company with advanced features plus customizable pricing, Clover suits growing accounting practices. Bundles start at $599 plus transaction fees from 0.5% to 3.5% depending on volume.
Stax Credit Card Processing Overview
Stax focuses on reliability with proprietary systems handling:
- Load balancing for 99.99% uptime
- Configurable dashboards
- Choice of gateways and card readers
- Integrations with leading ERPs
- Omnichannel processing
They are a top-ranked merchant services provider with tailored solutions and subscription pricing as low as 0.5% per transaction including equipment. For accounting firms wanting a customized fit, Stax is very developer-friendly.
In summary, today's top payment processing companies enable accounting professionals to securely accept client payments anywhere, reconcile smoothly with accounting software, and gain insights to guide business growth. Leading providers like Helcim, Clover and Stax offer the specialization and seamless integrations accounting firms need as trusted financial advisors and partners to businesses in every sector.
Comparing Merchant Processors on Key Criteria
Accounting firms have unique needs when it comes to credit card processing. Assessing solutions across key criteria can help identify the best fit.
Pricing and Fees
When evaluating pricing, consider:
- Transaction rates: Base rate plus interchange fees. Lower is better.
- Monthly fees: Can include statement fees, PCI compliance fees, etc. Ideally minimal or none.
- Early termination fees: Some providers charge these if you switch early. Best to avoid.
Leading providers offer competitive pricing, with interchange-plus plans that bring transparency. Understanding total costs is key.
Integration Capabilities
Seamless integrations minimize manual work and errors:
- Accounting software: Priority integrations with major platforms like QuickBooks and Xero.
- ERP systems: Integrate directly or use middleware. Assess ease of setup.
- Omnichannel: eCommerce, mobile, recurring billing support. Minimize patching systems.
Best-in-class providers have extensive integration capabilities and developer resources.
Reporting and Analytics
Robust reporting enables informed decisions:
- Standard reports: Sales, income statements, fees, chargebacks, etc.
- Custom reports: Flexible reporting parameters to meet unique needs.
- User permissions: Give team members access to appropriate data.
- Data exports: Export reports to accounting systems and Excel.
Leading solutions have customizable real-time reporting with interactive dashboards.
Customer Support
Reliable support resources are invaluable:
- Onboarding assistance: Dedicated reps aid implementation and training.
- Ongoing support: Phone, email, chat options with quick response times.
- Educational resources: FAQs, setup guides, best practice content.
Evaluate breadth of support channels and availability. Priority access to knowledgeable reps is ideal.
Choosing the right payment processor hinges on fully understanding these key factors. Assessing solutions head-to-head guides firms toward the best fit.
Conclusion: Selecting the Right Credit Card Processing Partner
With so many credit card processing solutions on the market, it can be challenging for accounting firms to determine the best fit for their unique needs. Based on the analysis, Helcim stands out as a top contender.
Helcim strikes an ideal balance between competitive transaction fees and robust features. Their interchange-plus pricing model helps keep costs low without sacrificing essential functionalities like customizable invoices, recurring billing, virtual terminals, and multi-location support. This adaptability enables Helcim to scale with growing accounting practices.
Additionally, Helcim prioritizes security through their EMV-compliant card readers and Level 1 PCI DSS compliance. This protects client data and prevents fraud, providing peace of mind. Their dedicated account management and 24/7 customer support also foster lasting partnerships rooted in trust.
While Clover offers advanced hardware and software integrations, their opaque pricing models can make total costs unclear. And Stax provides exceptional customer service but fewer payment method options.
Ultimately, Helcim's total value proposition prevails. Their fair pricing, extensive features, robust security, and responsive support empower accounting firms to profitably accept payments while focusing on their core services. As the digital payments landscape continues evolving, having a flexible, customer-centric processor like Helcim by your side ensures accounting practices remain competitive for the long haul.
