Running a small or medium business comes with its own set of challenges, and managing costs is often at the top of the list, especially with inflation on the rise. It's crucial to evaluate every aspect of your business to ensure you are delivering the right value to your clients. One of the most significant expenses to consider is payment processing.
This article compares the costs of credit card machines from five popular providers: Helcim, Clover, Moneris, Square, and Stripe. Whether you're operating in Canada or the United States, this guide will help you make an informed decision.
1. Helcim
Helcim offers competitive pricing for their credit card terminal, making it an attractive choice for businesses on both sides of the border.
| Category | Details |
|---|---|
| Credit card machine cost | United States: USD $329 or 12 monthly payments of USD $29. Canada: CAD $399 or 12 monthly payments of CAD $35 |
| Pros | Low transaction fees. Premium features like online/in-person tools with a single account advanced reporting/analytics, and integration capabilities included at no extra cost. No monthly fees |
| Cons | Not ideal for high-risk businesses. Not ideal for very low-volume businesses |
| Transaction fee | 0.4% + $0.08 per card-present transaction, plus interchange fees |
| Monthly fee | None |
| Hardware upgrade cost | Discounted for existing customers on a case-to-case basis |
| Premium tools cost | Included in the free Helcim account |
Fit for Small and Medium Businesses:
Excellent for medium businesses due to low transaction fees and comprehensive features. Suitable for high-volume small businesses.
Ranking Rationale: Helcim ranks high due to its low ongoing transaction fees and robust feature set, making it ideal for businesses processing a high volume of transactions.
2. Clover
Clover provides flexible pricing options, though the cost can vary significantly based on your location and choice of purchase or rental.
| Category | Details |
|---|---|
| Credit card machine cost | United States: USD $599 or $9.99 monthly rental. Canada: Pricing not availableSuitable for various business types |
| Pros | Flexible pricing options. Provides for a complete POS solution for different types of businesses at a costSuitable for various business types |
| Cons | Higher hardware costs. Contract based which range from 12 to 48 months |
| Transaction fee | USD $14.95 for software |
| Monthly fee | 26.37% |
| Hardware upgrade cost | Full cost of new hardware |
| Premium tools cost | Varies by tool, starting at $9.95/month |
Fit for Small and Medium Businesses:
Flexible and versatile, suitable for various business types and sizes.
Ranking Rationale: Clover ranks high due to its flexibility and comprehensive features, although its higher hardware costs and monthly fees might be a deterrent for some small businesses.
3. Moneris
Moneris offers a straightforward monthly rental option, which can be ideal for businesses looking for manageable ongoing costs.
| Category | Details |
|---|---|
| Credit card machine cost | United States: Not available. Canada: CAD $29.95 per month |
| Pros | Manageable monthly rental cost. Custom packages available for high volume merchants. Discounts for long-term customers |
| Cons | Higher transaction fees. Limited availability in the US |
| Transaction fee | 2.65% per transaction |
| Monthly fee | Included in the hardware cost |
| Hardware upgrade cost | Discounted for long-term customers |
| Premium tools cost | Varies, custom packages available |
Fit for Small and Medium Businesses:
Ideal for businesses looking for manageable ongoing costs in Canada.
Ranking Rationale: Moneris offers a manageable monthly rental cost and custom packages but is limited by its higher transaction fees and availability only in Canada.
4. Square
Square is known for its user-friendly devices and competitive pricing, making it a popular choice among small businesses particularly restaurants and cafes.
| Category | Details |
|---|---|
| Credit card machine cost | United States: USD $299. Canada: CAD $399 |
| Pros | Industry specific features like table management and advanced inventory controls for restaurants. No monthly fees for basic planVersatile upgrade options |
| Cons | Higher transaction fees compared to some competitors. Hardware upgrades can be expensive |
| Transaction fee | 2.65% per transaction |
| Monthly fee | None |
| Hardware upgrade cost | Purchase required |
| Premium tools cost | Varies, starting at $10/month |
Fit for Small and Medium Businesses:
Ideal for small businesses due to ease of use and low initial costs.
Ranking Rationale: Square is popular due to its user-friendly devices and lack of monthly fees, though higher transaction fees and upgrade costs are considerations.
5. Stripe
Stripe, known for its robust online payment solutions, also offers credit card machines at competitive rates.
| Category | Details |
|---|---|
| Credit card machine cost | United States: USD $349. Canada: CAD $449 |
| Pros | Robust and highly customizable payment solutions. Tax solutions and sophisticated fraud protection. No monthly fees for basic service |
| Cons | Higher transaction fees and Hardware cost can be high |
| Transaction fee | 2.9% + $0.30 per transaction |
| Monthly fee | None |
| Hardware upgrade cost | Purchase required |
| Premium tools cost | Varies, starting at $15/month |
Fit for Small and Medium Businesses:
Ideal for businesses needing robust online payment solutions.
Ranking Rationale: Stripe offers competitive rates for businesses with strong online sales, but its higher transaction fees and hardware costs might be less attractive for very small businesses.
Summary
Here's a quick comparison table summarizing the pricing details for each provider:
United States
| Processor | In-person rate | Online rate | Hardware | Monthly fees |
|---|---|---|---|---|
| Helcim | 0.30% + 8¢ | 0.50% + 25¢ | Card readers from $99 | None |
| Clover | 2.6% + 10¢ | 2.9% + 30¢ | Various devices starting at $49 | $9.95 to $39.95+ |
| Moneris | 2.65% + 10¢ | 2.65% + 25¢ | Various devices starting at $100 | Varies based on plan |
| Square | 2.65% + 10¢ | 2.9% + 30¢ | Card reader at $49, terminal at $299 | None for basic, $60+ for advanced features |
| Stripe | N/A (online-focused) | 2.9% + 30¢ | No proprietary hardware | None |
Canada
| Processor | In-person rate | Online rate | Hardware | Monthly fees |
|---|---|---|---|---|
| Helcim | 0.30% + 8¢ | 0.50% + 25¢ | Card readers from $109 | None |
| Clover | 2.7% | 2.9% + 30¢ | Various devices starting at $49 | $15 to $60+ |
| Moneris | 2.65% + 10¢ | 2.65% + 25¢ | Various devices starting at $100 | Varies based on plan |
| Square | 2.65% | 2.9% + 30¢ | Card reader at $59, terminal at $299 | None for basic, $60+ for advanced features |
| Stripe | N/A (online-focused) | 2.9% + 30¢ | No proprietary hardware | None |
Notes:
- Helcim: Offers interchange-plus pricing, which can be more cost-effective for some businesses. No long-term contracts or hidden fees.
- Clover: Known for its versatile hardware options and plans that can be tailored to different business needs.
- Moneris: Offers a range of hardware and pricing plans, typically requires a contract.
- Square: Known for its simplicity and ease of use, with no monthly fees for the basic plan.
- Stripe: Primarily focused on online payments with robust API support and no proprietary hardware.
These tables provide a snapshot of the key aspects of each provider in the US and Canada, helping businesses make an informed decision based on their specific need.
Conclusion
When choosing a credit card machine for your business, consider both the initial and ongoing costs, as well as the features that best fit your operational needs. Helcim and Square offer compelling features for small and medium businesses, while Clover provides flexible pricing and comprehensive tools. Moneris and Stripe offer robust solutions but come with higher transaction fees or hardware costs.
