Top Credit Card Processors (to Avoid)

Top Credit Card Processors to AvoidWhen we launched Best Merchant Rates in 2005, I was already aware of how much “bait and switch” was going on in the merchant account industry. We set out to be unique – to actually provide full disclosure with transparent pricing. We were nice, and we kept to ourselves. We didn’t want to make any waves about all the trickery that was going on among credit card processors.

We just can’t take it anymore!

We’re tired of sitting back and letting small business owners get swindled out of their hard-earned cash by credit card processors that don’t have the best interest of merchants in mind. Don’t fall for the fake “Top Credit Card Processor” websites out there (where processors simply pay to be listed). Do your homework in the beginning so you can find out the truth about what they’ll be charging you after you sign the contract.

Top 5 Credit Card Processors (to Avoid)

  1. Leaders Merchant Services – discover the truth
    They exhibit the worst forms of trickery we’ve ever seen. They provide minimal rate and fee information in initial emails and hide all sorts of fees in the fine print. (To experience the trickery for yourself, visit
  2. Costco / Elavon – discover the truth
    Costco refers you to a third-party processor known as Elavon, and they take a cut of the profits. They lure you in with a low rate that doesn’t apply to most of  your transactions as a small business. (To experience the bait and switch yourself, visit
  3. Chase Bank – discover the truth
    Signing up for a merchant account through your local bank may seem easy, but ultimately it’s going to be expensive. Chase Paymentech offers you what’s called “three-tier pricing” – the worst possible option for small businesses. Depending on the cards that you process, your rate may be as much as 4%! (Find out how bad it is by visiting

  4. QuickBooks / Intuit – discover the truth
    QuickBooks leverages the inherent trust of most small business owners in order to add credit card processing to the relationship. As a small business owner, you may be asking, “Won’t QuickBooks just provide me with a quick and easy way to process credit cards?” Do your homework, and you’ll find three-tier pricing and hidden fees in the small print. (Find out the bad news at
  5. Merchant Warehouse – discover the truth
    This is another example of providing minimal information (always called the “Qualified Rate”) in marketing material and then disclosing the other higher rates in the fine print of the contract. (Dig a little deeper to find out the truth at

It’s never fun to be the one to deliver the bad news, but we’d rather you know the truth about credit card processors before you get suckered in to paying too much. Remember, there’s a better option.