Katherine HaanContributor
Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.
Cassie BottorffEditor
Cassie is a deputy editor collaborating with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.
Katherine Haan,
Katherine HaanContributor
Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.
Cassie Bottorff
Cassie BottorffEditor
Cassie is a deputy editor collaborating with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.
Contributor, Editor
Kelly MainStaff Reviewer
Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.
Reviewed
Kelly Main
Kelly MainStaff Reviewer
Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.
Staff Reviewer
Reviewed
Updated: Mar 30, 2024, 12:13pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Square is a wildly popular credit card processor but it’s not without faults. Whether your reason for seeking Square alternatives is because it’s not available in your area, you’re looking for lower processing fees or some other reason, we’ve done the homework for you.
Forbes Advisor considered dozens of credit card processors across hundreds of data points to come up with the best alternatives to Square. These factors included monthly pricing, hardware costs, transaction fees and real customer experiences.
Read more
Best Of
- Best POS Systems
- Best Restaurant POS Systems
- Best Credit Card Processing Companies
- Best Merchant Services
- Best High Risk Merchant Account
- Best Mobile Credit Card Readers
Show Summary
- The Best Square Competitors of 2024
- Why You Can Trust Forbes Advisor Small Business
- Payment Depot
- Stripe
- Helcim
- Elavon
- Gravity Payments
- Forbes Advisor Ratings
- Methodology
- Frequently Asked Questions (FAQs)
- Next Up In Business
Featured Partners
Advertisem*nt
1
Stax
Free Trial
No
Offers
First Month Free
Pricing
$99 per month, 7 cents to 15 cents per transaction plus interchange rate
2
Paysafe
Free Trial
No
Offers
SAVE or get a $200 gift card + FREE payment equipment*
Pricing
Industry-low rates starting at $0.15 batch fee + 0% Cash Discount Plans available
3
Payment Depot
Free Trial
No
Offers
$0 Setup & No Cancellation Fees
Pricing
Customized Interchange+ Pricing - Rates as low as 0.2% - 1.95%
3
Payment Depot
833-522-0568
On Payment Depot's Website
4
Finix
Free Trial
No
Offers
Save up to 40% on credit card processing
Pricing
Transparent subscription-based pricing with 0% markup on interchange fees
The Best Square Competitors of 2024
- Payment Depot: Best for high-volume businesses
- Stripe: Best for fast payments
- Helcim: Best for businesses on a budget
- Elavon: Best for omnichannel businesses
- Gravity Payments: Best for customer support
Why You Can Trust Forbes Advisor Small Business
The Forbes Advisor Small Business team is committed to bringing you unbiased rankings and information with full editorial independence. We use product data, strategic methodologies and expert insights to inform all of our content and guide you in making the best decisions for your business journey.
We reviewed 16 credit card processing companies using a comprehensive methodology to help you find the five best Square alternatives. Our ratings considered factors such as transparent pricing, depth and quality of features available, customer reactions to each credit card processing company and a final review by our experts. All ratings are determined solely by our editorial team.
Best for High-Volume Businesses
Payment Depot
4.7
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Free trial
No
Pricing starts at
$79
per month
On Payment Depot's Website
No
$79
per month
Editor's Take
Payment Depot doesn’t have a minimum processing amount, which makes it ideal for high-volume businesses. The company charges a flat monthly fee plus a per-transaction fee, so you’ll never have to worry about hidden costs.
Instead of paying a markup, Payment Depot operates on a membership basis (the flat monthly fee). Prices start at $79 per month. There’s no cost for equipment, and merchants receive next-day deposits.
Who should use it:
High-volume businesses will appreciate Payment Depot’s membership model.
Read more:
Read our full Payment Depot review.
Pros & Cons
- Wholesale pricing
- Predictable pricing
- No cancellation fees
- Not suitable for merchants processing low volumes
Best for Fast Payments
Stripe
4.4
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Free trial
N/A
Pricing starts at
No monthly fee
Learn More
On Stripe's Website
N/A
No monthly fee
Editor's Take
Stripe has a little bit of a learning curve compared to Square, but it’s perfect for companies with some level of tech savviness. With its API, businesses can create custom solutions for in-person and virtual payments. For a 1% fee, access funds in minutes.
With its payment links, you don’t even need a website to sell online, which is an ideal solution for the less tech-savvy businesses because it doesn’t require any coding. Companies can even customize the payment page to match their branding.
Who should use it:
Stripe works best for custom API solutions, but its new payment links make it easy for less tech-savvy businesses, too. It’s also ideal for cash-strapped businesses that need quick access to funds and are okay with paying a small fee for it.
Read more:
Read our full Stripe review.
Pros & Cons
- No monthly fee
- Transparent pricing
- Offers instant payouts for a 1% fee
- Advanced customization may require hiring a coder
Learn More 
On ProMerchant's Website
Have you considered ProMerchant?
Benefit from top-rated payment processing solutions with Interchange or Zero Cost Processing options. Here's why we chose ProMerchant:
Free Equipment & Software
No Setup or Cancellation Fees
Fast Approval Times
Learn More On ProMerchant's Website
Best for Businesses on a Budget
Helcim
4.3
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Free trial
N/A
Pricing starts at
No monthly fee
Learn More
On Helcim's Website
N/A
No monthly fee
Editor's Take
At an average of 1.94% plus $0.08 per transaction, Helcim offers some of the lowest rates we’ve seen for in-person transactions. You won’t pay any setup fees, monthly fees, deposit fees or cancellation fees. Send invoices, set up recurring payment plans, use a point of sale and send direct payment links with Helcim.
Businesses processing higher volumes save more than low-volume merchants thanks to scaled rates. Deposits take two business days, whether the payment takes place in person, online, through a bank transfer or it’s keyed in.
Who should use it:
Businesses on a budget will appreciate Helcim’s transparent pricing.
Read more:
Read our full Helcim review.
Pros & Cons
- Offers interchange-plus pricing
- Hardware ships free
- No monthly fee
- No mention of instant deposits
Learn More On ProMerchant's Website
Have you considered ProMerchant?
Benefit from top-rated payment processing solutions with Interchange or Zero Cost Processing options. Here's why we chose ProMerchant:
Free Equipment & Software
No Setup or Cancellation Fees
Fast Approval Times
Learn More On ProMerchant's Website
Best for Omnichannel Businesses
Elavon
4.3
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Free trial
No
Pricing starts at
Custom rates
Learn More
Read Forbes' Review
No
Custom rates
Editor's Take
Elavon is a payment processing company that is best suited for businesses that operate in multiple channels, whether it’s online, in person, via a mobile app or over the phone. While it’s backed by parent company U.S. Bank, businesses of all sizes can benefit from its services. Pricing is customized to a business’s needs, so you’re not stuck paying for features you won’t use.
The Elavon Customer Support team can assist you with any questions or problems you may have, and it is made up of local, multilingual support workers who are accessible 24 hours a day, seven days a week. With its advanced reports, businesses can also monitor their spending and keep track of their payment processing account with ease.
Who should use it:
Businesses operating under multiple sales channels will appreciate Elavon’s omnichannel features.
Read more:
Read our full Elavon review.
Pros & Cons
- Its parent company is U.S. Bank
- Chargeback management
- Offers funding options
- Pricing isn’t transparent
Learn More On ProMerchant's Website
Have you considered ProMerchant?
Benefit from top-rated payment processing solutions with Interchange or Zero Cost Processing options. Here's why we chose ProMerchant:
Free Equipment & Software
No Setup or Cancellation Fees
Fast Approval Times
Learn More On ProMerchant's Website
Best for Customer Support
Gravity Payments
4.2
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Free trial
No
Pricing starts at
Custom pricing
Learn More
Read Forbes' Review
No
Custom pricing
Editor's Take
If you haven’t heard of Gravity Payments, you’ve likely heard about its founder, Dan Price. In 2015, he made the minimum wage at Gravity Payments $70,000 per year (for each of its 120-plus employees) and is regularly quoted in major media for his people-first policies.
If treating its employees right doesn’t convince you to use it, consider its commitment to customer support. Customers have access to 24/7 multilingual support, all without automated phone trees when they need help the most. It also takes a consultative approach to finding the right solution for your company, which is why it doesn’t specify fees on its site.
Who should use it:
Gravity Payments is ideal for businesses that appreciate putting people first—it has a dedicated customer support team available 24/7.
Read more:
Read our full Gravity Payments review.
Pros & Cons
- 24/7 multilingual support
- Customer loyalty program
- Offers e-commerce features
- Must complete a lead form to get custom pricing
Learn More On ProMerchant's Website
Have you considered ProMerchant?
Benefit from top-rated payment processing solutions with Interchange or Zero Cost Processing options. Here's why we chose ProMerchant:
Free Equipment & Software
No Setup or Cancellation Fees
Fast Approval Times
Learn More On ProMerchant's Website
Forbes Advisor Ratings
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Best for | Free trial | Pricing starts at | Learn More CTA text | Learn more CTA below text | LEARN MORE |
|---|---|---|---|---|---|---|---|---|---|
| Payment Depot |  | 4.7 |  | Best for High-Volume Businesses | No | $79 per month | Learn More | On Payment Depot's Website | |
| Stripe |  | 4.4 | | Best for Fast Payments | N/A | No monthly fee | Learn More | On Stripe's Website | |
| Helcim |  | 4.3 | | Best for Businesses on a Budget | N/A | No monthly fee | Learn More | On Helcim's Website | |
| Elavon |  | 4.3 | | Best for Omnichannel Businesses | No | Custom rates | Learn More | Read Forbes' Review | |
| Gravity Payments |  | 4.2 |  | Best for Customer Support | No | Custom pricing | Learn More | Read Forbes' Review |
Methodology
To determine the best Square alternatives for small businesses, Forbes Advisor researched the credit card processing industry and analyzed 17 different companies and their plans. Then, we scored these companies across five categories of features using 15 different metrics that were weighted to favor features that small business owners find valuable in a credit card processor.
Featured Partners
Advertisem*nt
1
Stax
Free Trial
No
Offers
First Month Free
Pricing
$99 per month, 7 cents to 15 cents per transaction plus interchange rate
2
Paysafe
Free Trial
No
Offers
SAVE or get a $200 gift card + FREE payment equipment*
Pricing
Industry-low rates starting at $0.15 batch fee + 0% Cash Discount Plans available
3
Payment Depot
Free Trial
No
Offers
$0 Setup & No Cancellation Fees
Pricing
Customized Interchange+ Pricing - Rates as low as 0.2% - 1.95%
4
Finix
Free Trial
No
Offers
Save up to 40% on credit card processing
Pricing
Transparent subscription-based pricing with 0% markup on interchange fees
Here are the categories we used to rank the providers that made the top of the list.
Pricing
We looked at the pricing structure of each company to find those that offered the most competitive rates. We weighted options with transparent fees higher compared to services that require businesses to speak with a sales team member or fill out a lead capture form to receive a quote for services. This accounted for 20% of our weighted scoring.
Features
We considered the features each company offered, such as e-commerce solutions, loyalty programs and speedy deposits. Other features that we considered essential in a Square alternative included offering invoicing services, a reporting dashboard, contactless payments, data exports and software integrations with third-party providers.
Some nice-to-have features we also looked for included customer support. We gave preference to companies that provided 24/7 support, multilingual options and had a reputation for excellent customer service. Other optional features we gave additional points for were those providers that provide Payment Card Industry (PCI) compliance and offered online help, such as with live chat, phone access, a blog or knowledge base. We weighted features at 45% of our total score.
Third-party Reviews
We also considered user reviews when available. To get a well-rounded view of each company, we looked at both positive and negative reviews on sites that included the Better Business Bureau (BBB), Capterra and Trustpilot. The more high-end reviews a provider received, the higher it scored in this metric. These reviews accounted for 20% of the total score.
Expert Analysis
Finally, our experts looked at third-party reviews to gauge what users thought about credit card processors in terms of other essential aspects of their service, such as ease of use. We looked for companies with user-friendly interfaces that even those without tech experience could navigate. Other categories we focused on included a credit card processor’s popularity, stand-out features and value for the money. These final criteria made up 15% of the total score.
Frequently Asked Questions (FAQs)
What is interchange-plus pricing?
Interchange-plus pricing is a type of pricing structure credit card processors use. With this pricing, businesses are charged a set percentage and transaction fee on top of the interchange rate, which is the wholesale cost of processing a credit card transaction.
What does a credit card processor do?
Credit card processors make it possible for merchants to accept credit card payments and other forms of electronic payments for all types of sales. When a customer uses a card or electronic payment, a credit card processing company securely transmits the card data for instant verification and approval of the sale. During the next 24 to 48 hours, the processor initiates the transfer of funds from the cardholder’s issuing bank and completes the process by depositing funds into the merchant’s bank account.
How can I accept payments online?
To accept credit card payments online, you’ll need to set up a payment gateway. A payment gateway is a service that authorizes credit card transactions for ecommerce businesses. Once you have a payment gateway set up, you can begin accepting payments on your website. Examples of these gateways include PayPal, Authorize.net and Stripe.
How can I reduce credit card processing fees?
When it’s time to renew your contract, reach out to your processor and try to negotiate a lower rate. You should also make sure you’re not being charged any hidden fees, such as statement fees, batching fees and minimum monthly processing fees. Learn more about credit card processing fees.
What is a virtual terminal for processing credit cards?
A virtual terminal is an online dashboard that lets you securely key in credit card information and process payments without a card being present. Virtual terminals are helpful for phone sales or as a backup if a terminal or card reader isn’t working properly. Most payment processing companies provide a virtual terminal and some support card readers for physically swiping cards as well.
Is credit card processing secure?
Because so much sensitive information is being transferred across these networks, credit card processors are Payment Card Industry (PCI)-compliant and use advanced encryption methods to secure transactions.
Next Up In Business
- Square Vs. Stripe Comparison
- Stripe Vs. Braintree Comparison
- How To Accept Credit Card Payments Without A Merchant
- Cheapest Way To Accept Credit Card Payments
- What Is A Contactless Credit Card?
- Square Vs. QuickBooks
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
