Credit Card Processors First Data
What are the main Credit Card Processors?
I’ve heard before that there are really 12-13 main credit card processors and then a number of other Independent Sales Organizations (ISOs) and other resellers. Does anyone have a list of the major 12-13? I think First Data is the biggest. FYI…I’ve also heard these called Single-source processors.
Please keep in mind that I’m not looking for info on credit card processing in general. I just want to know the list of 12-13 major processors (the single-source banks)
I’m no expert on banking in general, but I’ll attempt to answer this for both the Questioner, and any surfer out there who might be interested in credit card processing for an online business, especially a NEW business without an online identity.
First, one of the larger processors in general, here in California, is Wells Fargo, https://www.wellsfargo.com/biz/email_form/merchant
However, for clients just starting out, I normally recommend NOT getting a merchant account right away, or using an existing one for their brick-and-mortar business. And the reason is the issue of TRUST.
One of the huge advantages of online processors like PayPal (especially with it’s inegration with eBay these days) is that a potential customer does NOT have to give out their credit card number to an individual business. It goes to PayPal ONLY, and PayPal has all sorts of guarantees in place for both buyer and seller alike.
Before I get accused of having a one-track mind, no, I don’t believe in putting all your eggs in one basket, and there are plenty of alternatives out there. The important issue is, which one is recognizable by your customer base? Once you’ve got brand recognition and a large set of regular, loyal clients recommending you to all their friends and neighbors, THEN you can have in-house credit card processing. Until then, PayPal’s business accounts are FREE and as of this writing, the transactions are $0.30 plus 3% which is certainly competitive.
First Data FD100 Credit Card Terminal for Credit card processing www.paymentmax.com
