Latest News Merchant Account providers in US

Which Banks in The U.S. Are Best Choice For Merchant Account?

Merchant Account providers in US: The growing concept of eCommerce and Covid scenarios have led businesses to optimize their payment facility for customers. In addition to accepting payments through credit/debit cards, merchants are providing the facility to make online payments smoothly. Accepting payments digitally gives the opportunities to the businesses to maximize their sales and conquer the vast market globally. Businesses have to find the right high-risk merchant account providers in the USA to provide the facility of accepting payments through cards and online. If you’re looking for the best high risk merchant accounts, you can check out this comprehensive list of top providers in the US, offering reliable solutions for businesses in challenging industries.

What does a merchant account provider do?

The merchant account providers allow the businesses to accept credit card and debit card transactions by providing the customer information to the card network and the bank that issues the card. It also provides accessibility to the businesses to receive payments. Merchant account provider allots a merchant account for the businesses and offers payment processing tools including Payment Gateways, point of Sale, virtual terminals, and card reading devices. 

Start with accepting credit card payments

Before you start accepting payments through a credit card, you need to have a merchant account. Such an account allows businesses to accept payments online. Once the customer purchases from your website or online store, the merchant account holds the funds temporarily. It also makes certain checks, like whether the funds are available in the merchant account or not. The card association also verifies the transaction, and the money is received into your business bank account.

Choose the best merchant service providers

Different merchant account providers offer various services/facilities. Some provide the standard services while others provide the best-in-class services. Some focus on only one type of business while the others are generalists. 

Here are some criteria following which you can find the right merchant service provider for your business:

  • Cost: It is the most crucial factor in determining the right merchant service provider. In addition to the monthly software cost, there is upfront hardware cost, and potential early switching fees are also there. Therefore, before finalizing the merchant service provider, check out all the expenses that you may have to bear while taking the services of the merchant account provider.
  • Ease of use: Choose the merchant service providers that offer an interactive and easy-to-use payment processing interface. It enables the customers and businesses to handle the payment process conveniently. Ease of use of the payment process enables your customers to enjoy the convenience of making payments which helps build the credibility of the businesses.
  • Scalability: Choosing scalable services to let the businesses upgrade with the increasing customer base and staff members. Once your staff members get used to handling a particular payment service platform, it can be challenging to replace the existing system with a new one. Therefore, deploying merchant account facilities that are scalable as per the growth of the business is the right choice for all types of businesses.
  • Hardware: The merchant account providers offer hardware like a card reader or point of sale system. When choosing the merchant account provider, choose the hardware devices that are easy to use and do not cost hefty.

Before committing to the merchant’s services, you should consider the above points. It will help you to choose the best service provider.

Best banks to open a merchant account

After finding the merchant service provider, you should choose a bank to open and operate the merchant account. Generally, a merchant account is easy to open, and you can easily find a bank to open such an account. If you are operating a business in the U.S., the following are the best banks where you can open a merchant account:

  1. Bank of America: If you want to connect with the world of payment, Bank of America provides a customized payment solution. It offers end-to-end encryption and PAN tokenization for more secure payment transactions. It provides solutions that meet PCI data security standards without extra charges, making the acquirer have the Merchant account at a low price. The qualified account holders get no-fee same-day funding and next-day funding for all the merchant accounts. 
  2. U.S. Bank: U.S. Bank offers merchant card processing services to startups and established pro businesses. It provides online, in-store, and POS solutions to empower the business management capabilities and deliver safe and secure debit/credit card processing. Its customized payment solutions allow businesses of all sizes to run smoothly.
  3. Wells Fargo: Wells Fargo merchant services are helpful for small business owners to accept debit cards, credit cards, payments in-person and online. It offers multiple points of sale systems and a competitive rate. However, the merchant needs to have a deposit account to qualify for having the merchant account. It provides Volume-tier pricing. The processing fees vary depending on whether you are a business-to-business merchant or a business-to-customer merchant. While choosing the merchant account services, service charges, compliance fees, and chargeback fees are also to watch for selecting the merchant service provider.
  4. JP Morgan Chase: If you are running a small or risky business, taking merchant services from JP Morgan Chase can be worth it. It delivers the solutions by optimizing contactless payments and accepting payments virtually anytime. For the merchants, it provides an opportunity to create valuable and sustainable customer relationships. 
  5. Citibank: It is another bank in the U.S. that offers merchant services. It provides merchant account services for various industries, including healthcare, retail, and high-risk businesses. With the help of Citi Merchant Services, enterprises of all sizes get a suite of solutions that help manage the business and accept payments through various sources. Whether you want to access in-store, online, curbside, upon delivery, or through mobile device payment processing, Citibank’s merchant account services are the best solution.  

In addition to these, there are many other leading banks in the U.S. like Goldman Sachs, Morgan Stanley, U.S. Bancorp, PNC Financial Services, and more. Some financial service providers also cater to merchant services to ease the process of opening merchant accounts. They provide merchant account facilities for businesses, including small businesses and those at high risk. However, the process fees and other charges vary from one bank or financial company to another. 


Accepting payments online has become a trend. It is because of the convenience and easy transaction process. Businesses require a merchant account to integrate online payment/ credit card payment facilities into their businesses. It is easy for businesses of all sizes in The U.S. to open merchant accounts with leading banks. They need to choose the bank and apply for opening the merchant account. As soon as they complete the documentation, they can acquire their account. Merchant account services are helpful for businesses to expand their reach and accept payments through debit/credit cards, POS, and online via UPI.

Leave a Reply

Your email address will not be published. Required fields are marked *