6 Cheapest Payment Gateways: The Best Way To Save in 2024

Finding the cheapest payment gateway for your business can be challenging. You might think the cheapest option is a popular gateway like Authorize.net, but you’ll still need a merchant services account to process payments.

You must consider the big picture. That includes monthly and transaction fees, as well as charges for setup, security, integrations, and features, which can add to your costs.

While researching affordable payment gateways, I learned credit card processing companies are the best options. Credit card processors have all-in-one solutions that discount fees for common payment gateways and provide extra features like capital loans. Not only will you save, but you’ll also get support services that can help your business grow.

While there’s no single cheapest solution for every business, I found Leaders Merchant Services’ low-cost pricing and robust features were best for most. You’ll get Authorize.net and NMI, two highly regarded payment gateways, e-commerce capabilities, excellent security tools, and easy access to business loans.

Whether you’re a small e-commerce retailer or a high-volume global merchant, I’ve found an affordable payment gateway that will meet your needs. Read on to see my picks.

What We Look For in the Best Cheap Payment Gateways

When evaluating payment gateways, I focused on features that would help reduce costs and solutions that don’t sacrifice essential functionalities.

• Plan and transaction fees. Whatever your business’ sales volume or industry, you’ll find an affordable option for processing payments on my list. My picks offer cheap gateway processing for both online and in-person payments.
• Customization and integrations. All the providers on my list make it easy to integrate a payment gateway with your e-commerce website and other software, such as QuickBooks or MailChimp. This allows you to create a more tailored customer experience and improve operational efficiency.
• Security. E-commerce merchants are at greater risk for fraudulent transactions and hacking incursions. That’s why I’ve only included providers that offer advanced fraud detection and prevention tools. They also offer help with chargeback disputes.
• Range of payment methods. These providers let you accept many payment methods, including credit cards, debit cards, digital wallets – even cryptocurrencies and Venmo. And if you sell globally, you’ll find low-cost options that allow you to securely process international payments.
• Customer Support: Reliable customer support is essential, especially if your business doesn’t have a dedicated IT department. Access to timely and effective support can help resolve issues quickly, minimizing downtime and keeping your customers satisfied.

1. Leaders Merchant Services: The Cheapest Payment Gateway for Most Businesses

Leaders Merchant Services tops my list because of its industry-low rates, powerful e-commerce features, responsive support, and robust fraud prevention tools. Another plus is customization. Instead of offering a one-size-fits-all solution like Stripe’s flat-fee plan, LMS tailors payment solutions to your unique needs.

LMS offers several gateway options, including the widely trusted Authorize.net and NMI gateways. Both can process all types of electronic transactions. You’ll save because LMS waives extra fees, like Authorize.net’s batch and transaction fees.

Suppose you also process in-person payments and need a mobile, handheld, or countertop terminal. In that case, you’ll be pleased to know that LMS is an official provider of state-of-the-art equipment from Clover, Swipe Simple, and other top manufacturers. Equipment comes set up and ready to use, but you can add additional capabilities, such as specialized tools for nonprofit fundraising, healthcare-related payments, and more.

Features and Benefits

• Accounting software integration. LMS can integrate with several popular accounting software tools, including Quickbooks. This makes it easy for you to export and track your sales.
• Shopping cart integration. You can customize the shopping experience by integrating the CartManager Shopping Cart with your website host – no tech skills required. Then, add “Buy Buttons” to your product pages for faster checkout. Other features include real-time shipping and sales tax calculation.
• Fast business funding. If you’re just starting out or need a quick capital infusion, LMS offers a range of funding options, including cash advances and business loans.
• Chargeback and fraud prevention. LMS has an entire department devoted to fraud monitoring and prevention, so you can be confident that your business and sensitive customer information is safe.

Read our expert LMS review to learn more about pricing.

2. Paysafe: Affordable Payment Gateway for International Sales

If you sell to an international clientele, consider Paysafe. Of all the gateways I researched, Paysafe offers the best features for businesses with international customers, regardless of their size or industry. Unlike many processors, it can process payments from the US, UK, Canada, Europe, and much of Latin America, which is ideal if you operate in multiple countries or plan to do so.

Paysafe is also one of the few providers that offers an online-only processing plan. It has a low monthly fee of $16.00 and competitively priced transaction fees. Fees will vary depending on the type of card a customer uses, with the lowest rates for debit cards. You’ll get Authorize.net, with all its security and e-commerce features, combined with Paysafe’s fraud protection and global support.

Since Paysafe works with the highest-risk merchants, like international gaming and crypto, its security features go above and beyond. For a $29.95 monthly fee, you can get peace of mind with the Encrypto Advantage plan, which covers the cost of chargebacks (up to $250 per chargeback).

Features and Benefits

• Global payment methods. If you sell to a global clientele, you can easily process payments in 40+ currencies and accept over 250 international payment methods. You can also accept cryptocurrencies.
• Bundled cash discount plan. Paysafe is the only provider I’ve found that allows you to bundle its cash discount plan with its e-commerce plan for one low monthly fee. Online customers can pay as they prefer while you encourage in-person customers to use cash and avoid transaction fees.
• Advanced security. In addition to its suite of advanced security tools, Paysafe offers the Enhanced Security Package, a fraud insurance policy that kicks in if your customers’ information is compromised.
• QR Code transactions. Through Paysafe’s partnership with Applova, you can process Pay By Link and QR code transactions. This is a useful feature for restaurants, food trucks, and even digital invoicing.

See our expert review for more Paysafe features.

3. Stax: The Cheapest Gateway for High-Volume Merchants

Stax’s pricing is simple: you pay a monthly subscription, and in exchange, Stax won’t mark up the interchange rate, unlike Stripe and PayPal. For high-volume businesses, Stax’s subscription model can yield significant savings – as much as 40% if you process at least $8,000 monthly. That said, the monthly fee may be a bit high for some low-volume businesses.

Another benefit of choosing Stax is the discounted pricing for popular payment gateways. For example, Stax charges just $10 monthly for Authorize.net, less than half of what you’d pay if you signed up for Authorize.net directly.

Plus, Stax’s easy-to-use API and developer tools allow you to personalize the customer experience and manage the backend of your online storefront. I was impressed by how easy it was to customize the checkout experience and add branded elements to invoices, receipts, and payments for a consistent look.

Features and Benefits

• Useful customer data. In addition to in-depth sales/payment reports, your Stax dashboard provides detailed information about your customers, such as how many are new or returning. It also calculates the lifetime value of repeat customers so you can use the information to design marketing campaigns, discounts, and loyalty rewards.
• Shopping cart options. If you’re already set up with WooCommerce, Shopify, or Magento, you can easily integrate Stax with your website. Another option is to use one of Stax’s no-code templates to add a shopping cart to your website.
• Business software. Your Stax account includes project management, marketing, and accounting tools, including QuickBooks, Slack, and Microsoft Teams. Its partnership with Zapier lets you add thousands of integrations to increase your website’s functionality and enhance the shopping experience.
• Stax mobile app. Available on iOS and Android devices, the app allows you to accept payments (swiped, EMV chip, tapped, keyed, or scanned), send invoices, issue receipts, and view reports.

Learn more about Stax in our in-depth review.

4. Chase Payment Solutions: Affordable Fees and Fast Payouts

For small to mid-sized online businesses that want to minimize processing costs, Chase Payment Solutions is one of the best gateway options I found. It has no long-term contracts, monthly plan fees, or hidden costs. That said, it doesn’t offer free hardware and can get pretty expensive as you begin processing more transactions.

Chase is among the few processors offering next-day funding as standard, ensuring quick access to your funds. If you open a Chase Business bank account, you can even get same-day payouts for free, though you’ll have to pay a small monthly fee for the account. The fee can be waived if you meet certain criteria, such as processing $2,000 in payments monthly.

Another benefit to Chase is its built-in security features, including a zero-liability protection program that reimburses you for unauthorized transactions. You’ll also get the trusted Authorize.net gateway, which has its own advanced fraud detection and prevention features. There’s even a proprietary HIPAA-compliant software integration for businesses that handle patient data and payments.

Features and Benefits

• Powerful business analytics software. Chase Customer Insights makes tracking your sales trends, customer behavior, and other key metrics easy. You’ll also be able to compare your performance to your local competitors, valuable intelligence you can use to develop effective business strategies.
• Specialized payment solutions. Chase offers industry-specific solutions and software integrations for various e-commerce businesses – retail, professional services, restaurants, healthcare, property management, and more.
• Small business financial support. Flexible funding options include business lines of credit that you can reuse and three types of lump-sum small business loans with either variable or fixed payments.
• Full-featured mobile app. Activate the Chase mobile app to accept payments, manage disputes, create and send payment links, and approve payments that have been held for review. You’ll also be able to manage your business accounts from your smartphone.

Read our expert Chase review for more features.

5. Sekure Payment Experts: Get a Payment Gateway Solution for Your Specific Needs

Sekure Payment Experts has staked out a unique position in the payment processing industry. It acts as a middleman, helping you find the most affordable and effective payment gateway solution for your industry and specific business needs.

By partnering with Authorize.net, PayFlow Pro, NMI, Cybersource, and other gateways, Sekure offers solutions to fit different needs. It also negotiates discounts on behalf of its clients, savings you might not be able to achieve on your own. For example, Sekure offers Authorize.net at a steep discount and may even include it in your plan at no charge.

Its flexible pricing models include an Interchange-plus plan with no monthly fee and the Simplified flat-fee plan. Both are best suited to low-volume businesses as the transaction fees tend to be higher. That said, Sekure does come with a few possible hidden fees, and its long-term contracts are reportedly hard to cancel.

Features and Benefits

• Same-day deposits. Most processors that offer same-day funding charge a fee for the privilege, but Sekure doesn’t.
• Free POS equipment. Sekure will provide free POS equipment if you need to process both in-person and online payments. You can also use the free Payanywhere app to accept online, phone, and in-person payments with your tablet or mobile phone.
• PCI Plus program. Sekure will handle the administrative tasks associated with achieving PCI compliance for your business, freeing you to focus on building your brand. You won’t have to contend with annual scans, questionnaires, or self-assessments. It’s free for qualifying merchants.
• Best rate guarantee. This feature is Sekure’s promise to regularly review your payment plan to ensure you’re paying the lowest credit card processing fees for your specific business niche and size.

Read our expert Sekure review to learn more.

6. POS Pros: Specialized POS and Online Payment Solutions

If your business processes both in-person and online payments, you may want to consider POS Pros. Like the other providers I’ve recommended, POS Pros is an all-in-one solution offering a secure payment gateway and credit card processing services for all card-not-present and POS payments. That said, its e-commerce features aren’t as robust as I’d like – Paysafe is a better choice for businesses that primarily sell online.

What sets POS Pros apart is its range of specialized software and hardware for different industries: retail, restaurant, healthcare, real estate, automotive, and more. The payment solutions it recommends all come with niche-specific software and e-commerce capabilities built in. Payouts are also exceptionally fast – within 24 hours is standard.

You can choose from three competitively priced plans: interchange plus, tiered pricing, and cash discount. All plans are month-to-month with no cancellation fees. POS Pros will also discount the monthly fee for the Authorize.net or NMI payment gateways. And if you’re locked into a long-term contract with another provider, POS Pros will cover the cost of your cancellation fee.

Features and Benefits

• Free demos and training. After an initial consultation, your POS Pros specialist will set up free virtual demos so you can test the interface and features of your point-of-sale system and e-commerce software. Free training sessions ensure you and your staff can manage sales and transactions effectively.
• Business management tools. With a POS Pros payment solution, you can access powerful tools to streamline your operations, from inventory and customer relationship management (CRM) to reporting and analytics.
• Partner brands. POS Pros collaborates with over 25 leading POS and software brands, including Clover, Revel, Toast, SmartSwipe, and ShopKeep. This ensures you can find the perfect fit for your unique specific needs, whatever your niche.
• Working capital loans. You can quickly apply for and obtain a credit line of up to $500,000, which gives you the financial flexibility to cover operational expenses, invest in inventory, or expand your operations. The approval process can take as little as 10 minutes.

Our POS Pros review has more details.

How To Choose the Best Cheap Payment Gateway for Your Business

Payment processing can eat a big chunk out of your budget, but there are solutions that can help keep costs down. My research found that a bundled gateway/payment processing solution, such as those offered by the merchant services in this review, can yield substantial savings.

Leaders Merchant Services is my top recommendation if you’re looking for an affordable, feature-rich payment gateway. It offers everything you need to securely accept electronic payments, excellent support, and a team of fraud prevention experts.

Use Paysafe if your sales come from different countries. You’ll be able to securely process payments in 40+ currencies and accept 250 international payment methods.

Finally, if you process a high volume of sales, you could see substantial savings with Stax – as much as 40% on your processing costs. You’ll also get discounted pricing for the Authorize.net gateway and premium business tools.

FAQ

What is a payment gateway?

A payment gateway allows you to securely accept payments online, in person, or over the phone. It acts as a bridge between your website, payment processor, and bank networks, encrypting sensitive customer data and facilitating its secure transmission. Payment processors offer the best gateway solutions, securely handling all aspects of electronic transactions.

What is the cheapest payment gateway?

This will depend on your unique business needs. That said, industry-low pricing, customizable plans, free equipment, and robust e-commerce features are why Leaders Merchant Services is the cheapest for most firms.

How do I choose the cheapest payment gateway for my small business?

To choose the cheapest payment gateway, evaluate the plan and transaction fees, security features, and payment methods that different solutions support. Be sure to ask about incidental fees, such as those for setup, software, or chargebacks. You’ll also want to ensure the gateway can be easily integrated with your e-commerce platform and other software you currently use.

Is PayPal a cheap payment gateway?

PayPal may seem cheap because there’s no monthly fee, but its transaction fees are high compared to other gateway providers. PayPal also charges for features like fraud prevention and customization options, which many other merchant services include for free. While name recognition may make it appealing for a new business, your costs will multiply as your transaction volume grows.

Our expert review of the 10 best credit card processing companies can help you choose a payment gateway that will suit your needs – now and as your business grows.