Is the National Debt Relief Program Legit? The Honest Answer

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National Debt Relief

If your debt is stressing you out, you’re not alone. According to Forbes, 54% of Americans are stressed about their debt. And, if you’re in this boat, you may have come across National Debt Relief – which sounds almost like a way to eliminate debt altogether. 

As with any offer that affects your finances, you need to know whether this is a legitimate offer before you sign up. So, I’m going to share everything I know. We’ll look at what National Debt Relief is, what they can do for you, and the services they offer. By the end, you should know if this is the right offer for you. 

This is what’s in store: 

Now, let’s set sail! 

What is National Debt Relief? 

National Debt Relief reviews

National Debt Relief is a company that helps people tackle their debt through various debt relief services. 

Depending on your situation, services might include: 

  • Negotiation with creditors
  • Debt consolidation loans
  • Credit counseling services
  • Bankruptcy referrals 

They provide a free consultation where you can discuss your financial situation and explore your options…allegedly without any obligation. 

While they don’t offer tax debt relief or any government loans, they cover nearly every other type of debt you can think of. 

National Debt Relief commercial

This includes relief from: 

  • Credit card debt
  • Personal loans
  • Bad credit debt
  • Medical debt
  • Unemployment debt
  • Retirement debt
  • Veteran debt
  • Business debt
  • Private student loans
  • Marital debt (wedding or divorce) 

Ultimately, National Debt Relief aims to help you become debt-free within a reasonable timeframe, typically within 24-48 months. They emphasize affordability and customization, ensuring that their solutions align with your budget and financial goals.

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

Where Does National Debt Relief Operate? 

National Debt Relief New Hampshire

As of March, 2024, and despite what the brand’s name implies, National Debt Relief doesn’t operate in all 50 states (I wouldn’t have known this if I didn’t call in to ask a few questions about pricing). When I asked which states they do operate in, the rep advised that I do a search for debt relief specifically in my state so I didn’t get a straight answer…not right away. 

So, after the call, I put my research cap back on and checked with the Nationwide Multistate Licensing System. I found that National Debt Relief holds 14 state licenses in 13 states. 

I can verify that they do legally operate in: 

  1. Arizona
  2. California
  3. Idaho
  4. Illinois
  5. Iowa
  6. Maryland
  7. Minnesota
  8. Nevada
  9. New Hampshire
  10. North Dakota
  11. Pennsylvania
  12. Rhode Island
  13. Tennessee

And, in Illinois, Iowa, Maryland, Minnesota, New Hampshire, Pennsylvania, and Rhode Island, the company actively holds debt-specific licensing. 

While you can apply for a consultation regardless of your location, you may be limited in the scope of services offered if you live outside of the states where they maintain licensure.

How Does National Debt Relief Work? 

National debt relief actor

At first glance, it may seem like you’ll sign up to have your debt reduced without any work. But, that is not how these programs work. 

So, here’s how national debt relief really works…

…First of all, their approach starts with a personalized debt relief plan tailored to your unique circumstances. 

This might include negotiating with creditors to reduce the amount you owe and setting up a dedicated savings account where you make monthly deposits. These funds are then used to pay off your creditors at the negotiated reduced amounts.

Some participants might be offered a debt consolidation loan. The idea is that you would consolidate your high-interest debts into a new loan with a lower interest rate and pay less over time. 

While the company boasts that you can be back to financial freedom and living your life within 24-48 months, that doesn’t mean you will be out of debt within 4 years. For example, a consolidation loan might take 7 years to pay off, but your payments or interest would hopefully be lowered. 

There’s even a chance you’ll be referred to a bankruptcy attorney. In this case, some or all of your debt may be wiped out, but this could have a negative impact on your credit score for several years. 

Keep in mind, debt relief is not the same as credit repair, and may have a negative impact on your credit score (many so-called credit repair programs can have a negative impact on your credit as well). And, you will need at least $7.5K in debt to qualify for their services. 

You might also like: Superior Tradelines Review: Is it a Scam or Legit Way to Build Credit? 

How Much Does National Debt Relief Get Paid? 

National Debt Relief Illinois

National Debt Relief charges a fee for their services, which is typically based on a percentage of the enrolled debt. This fee can vary depending on factors such as the state you reside in and the total amount of debt you owe.

On average, the fee usually falls within the range of 15% to 25% of the total enrolled debt. For example, if you enroll $10,000 in debt and the fee is 20%, then the fee would amount to $2,000.

Now, when I called in and asked specifics about the costs, the rep that I spoke with only disclosed that the fee is “built-in” to the plan and no services are rendered until all fees are agreed to.

So, if you make it to the proposal stage, do your own math before you sign up — Make sure that the amount you pay will in-fact be less than the interest and principal you would otherwise pay on your debts. And, keep in mind that debt settlement often has a negative impact on your credit report, and negative marks can remain for up to seven years.

It’s important to note that National Debt Relief operates on a performance-based fee structure – This means they are only supposed to collect their fee after they successfully negotiate a settlement with your creditors. Again, you will have the chance to approve the cost and the savings. 

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Company Overview

National debt relief, 180 maiden ln 30th floor, new york, ny 10038

National Debt Relief LLC is a New York-based company that was founded in 2009 by Alex Kleyner, Daniel Tilipman, Tom Leydiker. Kleyner is the current CEO, where he’s been full-time for the past 15+ years. 

Prior to launching the company, Kleyner received a Bachelor’s degree from Pace University

Alex Kleyner national debt relief

Tilipman remains on National Debt Relief’s executive board, and went on to found Reach Financial — a debt consolidation loan provider  — in 2022. This makes me wonder if National Debt Relief offers consolidation loans in partnership with Reach. 

Leydiker is also still with the company. Before co-founding the company, he was a branch manager at Citibank and President and CEO of Continental Funding, LLC. 

The leadership seems strong, especially considering that most employees (according to Glassdoor) would recommend the company to a friend in need of a job. What staff thinks of a company speaks volumes, and 75% of National Debt Relief’s Workers approve of the CEO. 

National debt relief Glassdoor

With that said, you also have to look at what clients think of a company before you can really judge. Like all financial offers, National Debt Relief gets mixed reviews. 

They are A+ rated and accredited with the Better Business Bureau (BBB), but this is despite 124 complaints in the past year. Still, 3,385 customers give them a 4.73-star rating. I do like these numbers. 

National debt relief reviews bbb

National Debt Relief is rated nearly as high on Trustpilot (4.7 stars) and platform reviewers are mostly very satisfied with the services they receive. 

National debt relief screwed me

Plus, even Redditors have generally objective opinions about the company – they are typically the toughest crowd on the internet to impress. 

National Debt Relief Reddit

Note that some anonymous commenters do recommend you side-step these guys and go straight to a government agency or attorney for your own protection (which are definitely avenues worth exploring). 

Now, there is a new class action lawsuit against National Debt Relief that claims they collect users’ IP addresses without consent – note, this has nothing to do with the way they handle clients’ finances. And, keep in mind, the jury is still out…literally. 

National debt relief class action lawsuit

Before you decide if this is the offer for you, find out exactly what National Debt Relief can do to help provide relief from debt. 

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What Does National Debt Relief Do? 

Some of National Debt Relief’s services are offered in-house and other advertised relief solutions are made by referral. Now, I didn’t see any affiliate links or affiliate disclosures on their site – this could mean that they will refer you out to someone without earning any commission, but I can’t be sure. 

Here’s what you might expect if you sign up. 

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1. Free Consultation 

National debt relief login portal

If you reach out and apply for services from National Debt Relief, the first thing you can expect is a call from a rep who will listen to your situation, ask questions and start to formulate a plan. 

At this stage, I only recommend you watch out for high-pressure sales tactics. This is always a bad sign. But, a phone call is a low-risk way to explore whether an offer is going to be a good fit for you. Your mantra for any sales call should be, “I’m in the driver’s seat.” 

2. Personalized Debt Relief Plan 

How to cancel national debt relief

National Debt Relief will need to know about all of your debts before they can make a recommendation on how to tackle them.  

So, list out all of your debts: 

  • Credit cards
  • Lines of credit
  • Personal loans
  • Medical bills
  • Collections
  • Repossessions
  • Student loans
  • Business debts

And, be prepared to let the rep take some time to come up with a tailored plan. 

3. Credit Counseling & Education 

National debt relief email

Credit counseling might be beneficial if you are able to make monthly payments, but struggle with debt management. It’s ideal if you’re seeking a structured plan to handle debt effectively, negotiate lower interest rates, and consolidate payments. 

Additionally, counseling offers valuable financial education on budgeting and responsible credit use. Credit counseling might be suitable if you want to avoid bankruptcy and are willing to actively participate in the counseling process to achieve financial stability.

In addition to the counseling services they offer, National Debt Relief offers quite a few educational resources – primarily a comprehensive blog that discusses all matters debt, lifestyle, and financial wellness-related. If you want to learn about debt consolidation, or bankruptcy, their blog is full of useful information. 

Plus, their articles are laid out in a way that’s simple to navigate and written in an easy-to-understand tone.  

Moreover, they have quite a few calculators to help you figure out your situation. 

National debt relief cancellation form

Calculators include accelerated debt payoff, consolidation loan investment, cost of debt, credit card minimum payment, and more. 

If you decide to take a DIY approach, or even if you choose another service, I do recommend you peek in at National Debt Relief’s resources. They share most of the basics of debt and finances – And, I think this is a great knowledge base for anyone looking to sharpen their debt and financial wellness chops. 

4. Debt Negotiation With Creditors 

National debt relief scholarship

Debt negotiation, or debt settlement, might be a good fit if you have significant unsecured debt you can’t fully repay – this could be due to financial hardship like job loss or medical emergencies. It’s suitable for those unable to qualify for consolidation loans or facing collections or legal action. 

Debt negotiation provides an alternative to bankruptcy, helping stop collection calls and lawsuits by reaching settlements with creditors. However, it’s not ideal for everyone, and careful evaluation of your financial situation is essential before pursuing this option. 

5. Debt Consolidation Loans

National debt relief bbb consolidation loans

Debt consolidation can be a suitable option if you have multiple debts, such as credit card balances, personal loans, or medical bills…and are looking for a more manageable way to repay them. It might be beneficial if you want to streamline your debt by combining multiple payments into a single monthly payment (usually at a lower interest rate). 

This type of debt relief can help you simplify your finances and potentially save money on interest payments over time. And, it’s a good fit if you have a steady income and can afford to make consistent monthly payments towards your consolidated debt. 

6. Bankruptcy Referrals 

National debt relief vs bankruptcy

Bankruptcy might be a viable option if you’re facing overwhelming debt that you cannot repay, even with debt management strategies like credit counseling or debt negotiation. It might also be good if you’re experiencing severe financial hardship, such as job loss, medical expenses, or divorce. Sometimes, these situations can make it impossible to meet debt obligations. 

Bankruptcy provides a legal process for individuals to eliminate or restructure debts and obtain a fresh financial start. It may also be appropriate if you’re at risk of foreclosure or wage garnishment. However, bankruptcy has long-term consequences, including a negative impact on your credit score and potential loss of assets. So, it’s essential to carefully consider the decision and seek legal advice before filing.

You might also like: Cred AI Review: Are You Really Better Than Your Bank? 

Frequently Asked Questions

Can you cancel National Debt Relief? 

Yes, you can cancel your enrollment with National Debt Relief at any time. They understand that circumstances may change, and you have the right to discontinue their services if you wish.

How can you cancel National Debt Relief? 

To cancel National Debt Relief, you can contact their customer service team either by phone or email. They will guide you through the cancellation process and provide any necessary documentation or instructions.

Do I get my money back if I cancel National Debt Relief? 

If you cancel National Debt Relief, you may be entitled to a refund of funds you’ve deposited into your dedicated savings/escrow account, minus any fees earned for services rendered up to that point. The specific refund policy may vary depending on the terms outlined in your agreement.

Does National Debt Relief hurt your credit? 

When you stop making payments to creditors and enter into negotiations for debt settlement, it can be reflected on your credit report. The long-term effects of debt settlement on your credit score can vary depending on your circumstances. Discuss the potential impact with a legal and financial professional and consider all your options before enrolling.

Conclusion: Is National Debt Relief Legit? 

The percentage-based pricing model seems higher than what you might expect from a debt relief program. If you paid a separate credit repair company to clean up your report for, say, $170 per month, the cost could add up fast. But, if you save 25% off your debt, and National Debt Relief charges you 20% of your enrolled debt to do it, is it really worth it? 

In the case that you’ll save 50%, a 25% fee might make sense. Be sure to read the fine print before you make any commitments.  I don’t know whether National Debt Relief charges before or after debt is negotiated, which could vary on a case-by-case basis.

If you’ve got a lot of collections that you want to clear up or negative items you need removed from your report, a credit repair company, an attorney, or a DIY approach might be cheaper alternatives. 

In all, though, I like this offer. The company seems to be legit, they’ve been in business long enough to be reputable, and the BBB likes them. Other than the potential expense, I don’t see any glaring red flags that would make me tell you to run for the hills. 

My only advice is to do your research. Learn about all of your options before you apply for relief from debt. And, if you don’t have at least $7.5K in debt, you will need to look elsewhere. Good luck on your journey to financial freedom.  

Do you want to learn how to obtain up to $100K in business credit that won’t impact your personal credit, in as few as 30 days? If so, join Business Credit Workshop today!

1-800Accountant Reviews: Expectations vs Reality

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1800accountant reviews

1-800Accountant is one of several online accounting platforms designed to make life easier for small business owners. But, their reviews are so mixed. Here, we’ll delve into what you can expect versus the reality of their services. 

Explore everything from their offerings to customer feedback, helping you make an informed decision about whether 1-800Accountant is the right fit for your business needs.

Here’s what’s in store

Now, let’s dive in! 

What is 1-800Accountant? 

1800 accountant

1-800Accountant is an online accounting service powered by real Certified Public Accountants (CPAs) – They offer a range of services aimed at helping small businesses with various accounting needs. 

Their services include assistance with: 

  • Starting a business
  • Selecting the right entity for tax savings
  • Handling business taxes to maximize refunds
  • Simplifying payroll processes
  • Managing day-to-day bookkeeping tasks

Their team of CPAs is knowledgeable about different industries and state regulations, so they provide tailored advice and solutions for businesses. 

And, they offer a satisfaction guarantee. They allow you to request a refund within the first 30 days if they are not satisfied with the service provided.

You might also like: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely 

How Much Does 1-800Accountant Cost? 

1800accountant pricing

1-800Accountant operates on a flat-rate pricing model, which ensures transparent and predictable costs without hourly fees. 

Prices range from $179-399 per month and up. Costs are billed annually, so you can expect to pay between $2,148 and $4,788 to sign up. 

Here’s a breakdown of what you get for each price point:

  1. Business plan ($179/mo):
    • Access to the online portal
    • Dedicated accountant
    • Year-round tax advice
    • Proactive tax planning
    • Quarterly reviews
    • Financial planning
  2. Corporation plan ($239/mo):
    • Everything in the Business plan, plus:
    • Bookkeeping software
    • Business tax preparation
    • Personal tax preparation
  3. Enterprise plan ($399/mo):
    • Everything in the Corporation plan, plus:
    • Dedicated bookkeeper
    • Priority support
    • Financial reports

There’s also a Custom Package option available if you don’t find exactly what you need in the standard plans. And, prices can fluctuate based on your state.

While there is’t a free trial, you have 30 days to request a refund. 

Comparatively, according to SmartAsset, you can expect to pay a CPA between $1K and $1.5K just to do your business and personal taxes in the U.S.. And, Forbes Advisor says you can expect to pay between $150 and $250 per hour to hire a CPA, depending on your location. Personally, I’ve seen rates as low as $37 and as high as $500 per hour being charged. 

Hiring a CPA is one of those gray areas in business where you can’t really predict expected costs until you get into it (which makes the flat-rate pricing model pretty appealing). 

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Company Overview

1-800 accountant reviews

It’s particularly important to know about the company behind the brands you work with when your business finances are at play. 

1-800Accountant, aka 1-800-Accountant.com Corp, is a New York-based business that was founded in 1999 by Mike Savage. Savage is currently the Chairman of the Executive Board. The same year 1-800Accountant was launched, Savage became a CPA. And, he apparently graduated from Brigham Young University with a Bachelor’s degree in Accounting.  

1800accountant customer service

Currently, the Key Principal of the company is Michael Rosedale. Like Savage, Rosedale is also listed as the Chairman on the company’s Dun & Bradstreet profile. But, Rosedale doesn’t list his affiliation with the company on LinkedIn. 

However, Rosedale does show-off some pretty impressive accounting credentials. He’s the current Chairman & Co-Founder of NARSSA, President & Founder of CPAdirectory, and previous President of the National Directory of Registered Tax Return Preparers and Professionals. 

Who owns 1-800Accountant?

1-800Accountant’s address is listed as a Regus office in Manhattan at 260 Madison Avenue, Suite 1001. Regus is a coworking space, which tells me the team is either particularly small or primarily remote – 404 Glassdoor votes signal that it’s the latter.

In fact, 75% of employees would recommend a job with the company to a friend, and it has an overall 4-star internal rating. 

1800accountant employee reviews

Despite their 3.75-star rating and 130 complaints closed in the last year, they maintain an A- rating with the Better Business Bureau (BBB). 

1800accountant reviews bbb

Of course, when it comes to finances, people are more likely to speak out about a poor experience than they are a positive one. 

Overall, Trustpilot reviewers are nicer, giving the platform an overall rating of 4.6 stars. But, not all of the feedback is great. Some customers claim rights violations, and others say they were stood up for meetings. 

1800accountant reviews complaints

Normally, with this much info, I would try to wrap up the company section, but there’s more to say. Redditors have shared their complaints from mishandled taxes to poor quality advice and more – customer service tends to be a common topic of grievance. 

1800accountant reviews reddit

However, keep in mind, they’ve had positive feedback as well (head over to Trustpilot to see the full array). I don’t know if there was a period where positive reviews were incentivised, or if it presents a better unbiased sample of experiences.  

What I do know is that in 2013 – which was over a decade ago – the FTC filed a complaint for permanent injunction in Florida and New York. This complaint alleged that 1-800Accountant and other remote tax services were in violation of several federal regulations. 

1800accountant lawsuit

Ideally, the wrongs would have been remedied by now, which I assume is the case since several of the companies are still in business. 

So, on the bright side, the company is still in business, registered, and active in the state of New York. There are no open legal grievances currently. And, the original founder is still with the company. 

On the other hand, I came across a lot of complaints. 

But, let’s find out what exactly 1-800Accountant offers so that you know for sure whether you want to give them a shot!

What Does 1-800Accountant Do? 

Now, let’s explore the full offer from 1-800 Accountant so you can see if you can make it worth your while to sign up. If you don’t need all of the services, it’s feasible that you could save money by going a different route. But, if you’re likely to utilize all or most of the services, the platform could provide major cost and time savings.

1. Start Your Business 

1800accountant google reviews

1-800Accountant assists in setting up your business as either an LLC or Corporation – They offer a straightforward and efficient process for entity formation, to guide you through the necessary steps with expertise. 

They say that this can potentially result in significant cost savings over time. The reason this is true is because if you file appropriately, you can maximize your tax savings at the end of the year. 

They often have special offers available for starting at a low cost or $0 plus state fees. Additionally, they handle the filing of your business license directly with the Secretary of State, ensuring compliance with state regulations. 

Overall, 1-800Accountant simplifies the process of filing your business and offers assistance to navigate the complexities of entity formation.

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2. File Your EIN

1800accountant reviews yelp

For $99, 1-800Accountant will file for your employer identification number (EIN) through the Internal Revenue Service (IRS). You need this to get a business bank account, file business taxes, and get business financing. 

Many companies charge a hefty fee for this service, but it’s super easy to do yourself. Instead of paying a fee, you can just visit the IRS website and apply with your business info. An EIN is free. 

→ Here’s where to apply. 

If you need them, you can find EIN filing instructions here. 

The only common hurdle that I know of is that you need to file during weekday business hours. So, just check in on Monday through Friday between 9:00 to 5:00, and you should be able to get this situated quickly. Otherwise, the application may be offline. 

If you want the EIN filing service and you’re willing to pay almost $100 (which actually seems to be the going rate), then cool. But, I don’t see why you would need to. 

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

3. Year-Round Tax Advisory 

1800 accountant refund tax advisory

1-800Accountant provides affordable and comprehensive tax advisory services for small businesses. Their expert CPAs offer year-round support to maximize tax refunds and minimize liabilities. 

The process includes year-round: 

  • Tax preparation
  • Organization
  • Submission
  • Iterative review
  • Approval
  • Secure storage of completed returns

You’ll get matched with a dedicated tax planner who will provide strategic advice tailored to your business needs. And, they’re supposed to be there for this anytime you need it. 

You might also like: Everything You Need to Know About a DUNS Number – and Why You Should Care 

4. Tax Audit Defense

Is tax accountant stressful?

On top of everything else, 1-800Accountant provides tax audit defense services for small businesses; this can ensure peace of mind and protection during IRS audits. 

If you’re an active member, their certified Enrolled Agents (EAs) and CPAs handle all aspects of the audit process, from preparation to representation. 

They can protect your rights and offer state-level expertise. With their support, you can navigate audits more confidently, knowing your interests are safeguarded and your tax matters are in capable hands (without any hourly fees).

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5. Quarterly Small Business Taxes

1-800Accountant Quarterly Taxes

1-800Accountant offers a Quarterly Estimated Tax Service to help you navigate federal estimated tax payments. They provide year-round tax advisory support, calculating IRS quarterly payments to avoid underpayment penalties and interest. 

Additionally, they try to identify opportunities for tax deductions often overlooked by “generic firms.” They offer clear payment deadlines and try to create a stress-free process. This can make quarterly taxes easier and allow you to focus on growing your business. 

Their small business experts specialize in various industries across all 50 states. If you’re unsure about quarterly tax requirements or calculations, their professionals can guide you through the process.

You might also like: ​​How to Find Aged Shelf Companies for Sale +Why Buy Them? 

6. Personal Income Tax Preparation 

1-800Accountant Personal Income Taxes

You can also leverage 1-800Accountant for personal income tax preparation. With a membership, they can ensure that you maximize your tax returns with “guaranteed accuracy.” Their expert tax accountants handle even complex situations. And, they promise to file returns promptly and transparently with no hidden charges. 

With convenient document upload via their app or portal and bank-level security, it could be a super convenient way to file. Certified income tax experts are available in every state for quick assistance, and year-round support is offered for personal or business tax needs. 

You might also like: Comprehensive ZenBusiness Review: Is it Legit for LLCs? 

7. Payroll & Bookkeeping

1800Accountant Payroll & Bookkeeping

Finally, 1-800Accountant offers comprehensive bookkeeping and payroll Services tailored to small businesses.

For bookkeeping, their certified US-based accountants handle the tedious back-office work, accurately categorizing transactions and reconciling accounts. This could give you the freedom to focus on your business while receiving accurate, detailed reports and enjoying game-changing features like automation. Transparent pricing, dedicated bookkeepers, and secure online portals ensure efficiency and peace of mind.

Their payroll services are quick, easy, and affordable, powered by experts. With just a few clicks, you can pay your employees and ensure accuracy and compliance. Automatic payroll tax filings, state ID registration, and transparent pricing further streamline the process. Experienced professionals provide support and guidance, allowing you to spend less time on payroll and more on your business.

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform  

Frequently Asked Questions

Can you get a refund from 1-800Accountant? 

1-800Accountant offers a satisfaction guarantee for their services. If you’re not satisfied within 30 days of using their services, you can request a refund of the remaining balance of your purchase.

How do I cancel my 1-800Accountant subscription? 

To cancel your 1-800Accountant subscription, you’ll need to reach out to their customer support team. They can assist you with the cancellation process and any related questions you may have.

Does 1-800Accountant have an app? 

Yes, 1-800Accountant offers an app for convenient access to their services. You can download the app to upload documents, monitor progress, and communicate with their team. But, the mobile app isn’t very well rated. 

What software does 1-800Accountant use? 

1-800Accountant claims to be accustomed to working with any existing bookkeeping system you may be using. They also offer their own bookkeeping software for online bookkeeping services for small businesses.

Conclusion: Is 1800Accountant Legit? 

1800Accountant is a legitimate, registered business in good standing with the state of New York. They operate across the U.S. and provide a robust offer for small businesses. While they don’t have 100% raving customer reviews, they could be a good solution. 

Look at your budget, your needs, and explore all of your options before you commit to any CPA or business financial service. Ask around to see who your colleagues use, and check out online forums to find out what offer might be best for you.

Don’t rule out local CPAs, especially if you’d prefer in-person meetings – you won’t get any in-person meetings with a remote service, and this is important for some business owners. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? If so, join Business Credit Workshop today!

What’s the Best Payment Processor for a Small Business? Really

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Best Payment Processor for Small Business

If you plan to accept payments (and I really hope you do since the whole point of business is to generate revenue), you will need a way to process them. Unless you’re a cash-only company, you undoubtedly need a solution to help you get the money you’re owed into your bank. 

And, as of a couple of years ago, 43% of Americans said they never walk around with cash. Cash-only businesses could inconvenience and deter a large portion of their potential customer base.  

This is where a payment processor becomes an invaluable resource…but, there are so many options. So, how are you supposed to know which one to go with? You should be able to answer that question by the time you finish reading this.   

Here’s what’s in store: 

Now, let’s roll! 

What is a Payment Processor? 

A payment processor is a service provider that facilitates electronic transactions – this enables you to accept payments from customers. Smooth and secure credit card processing is crucial in small business.

When a customer makes a purchase, the payment processor handles the payment: 

  • Authorization
  • Processing
  • Settlement

Payment processors offer a range of services tailored to small businesses, including accepting various payment methods like credit cards, debit cards, and mobile payments…Some also provide tools to manage transactions, generate reports, monitor sales activity, and even get business funding.

They help you maintain a professional approach to collect payments and simplify the process. Bonus points if they give you insights into your business’ financial transactions (most modern payment processors do). 

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

What is the Difference Between Payment Gateway and Payment Processor? 

A payment gateway facilitates the secure transfer of payment data between the merchant’s website and the payment processor. Examples include PayPal, Stripe, and Authorize.Net.

The payment processor handles the actual authorization, settlement, and movement of funds between the customer’s bank and the merchant’s bank. Examples include First Data, Worldpay, and Adyen.

In short, the payment gateway is the interface between the merchant and the payment processor, ensuring secure transmission of payment data, while the payment processor technically manages the transaction’s financial aspects.

However, for the sake of relevance, I want to focus on gateways, which is what most small businesses refer to as “payment processors.” Gateways tend to refer to themselves as payment processors because they use technology to connect you to the processor. 

Let’s dive into the best solutions to accept payments as a small business. 

You might also like: Real-Time Payments: A Business Owner’s Guide to Current Tech 

The Benefits of a Local Payment Company

Best payment processor for small business in usa

You might want to opt for a local payment company to take advantage of several perks, especially when you might need personalized service and hands-on support – Local payment companies often provide individualized assistance tailored to your needs. 

Local companies are more likely to offer: 

  • Face-to-face meetings
  • On-site support
  • Customized solutions
  • Flexible pricing, terms, or services

With a local payment company, you’re apt to receive prompt and attentive customer service (though it’s not guaranteed). Typically, a local payment company will understand relevant market dynamics and can address your concerns quickly. 

Working with a local company can also provide more ease in communication due to shared time zones, language, and cultural understanding…you can get smoother collaboration and problem-solving. 

They might even tailor solutions to suit your specific requirements. For example, a local provider might create a custom integration to work with your existing systems – which isn’t typical of enterprise solutions. 

Moreover, supporting a local business fosters a sense of community and strengthens local economies. It establishes a mutually beneficial relationship where both parties can thrive (this is the same reason I love credit unions and small community banks over big banks). 

Best card payment processor for small business

To find a local payment company, search online for relevant offers in your area. Try searching for POS (which stands for “point of sale”), card readers, merchant services, or merchant processors in your town or region. Most companies who offer POS devices/card readers can also help you process payments. 

If you don’t have any luck on that route, just ask for recommendations. Attend networking events and/or inquire at your local Chamber of Commerce. Then, reach out directly to potential candidates and check references from previous clients. 

Through a bit of research (and engagement), you can find a local payment company that aligns with your business goals and provides the support and services you need.

You might also like: 3 Best Credit Unions for Small Business Banking in 2024 

7 Best Online Payment Processors for Small Business

Now, you don’t have to use a local provider. If you’re more interested in convenience and simplicity, there’s no shame in joining the millions of small business owners who use national payment processors. 

Unlike most local payment companies, a larger payment processing solution is likely to let you set up an account online in a matter of minutes. They will typically ship you out a card reader that you can have in about a week, and you can hook it up all on your own. 

Enterprise payment gateways are known for convenience – the modern technology they employ is ever-evolving to meet the needs of their users. Plus, larger companies tend to have more resources to invest in the latest tech sooner rather than later. 

And, most of them offer business funding based on your account transactions. Let’s explore the top enterprise-level small business payment processing solutions. 

Recommended: 7 Best Cash Back Corporate Credit Cards to Explore 

1. Stripe

What is Stripe?

Stripe is a financial infrastructure provider for online and in-person businesses. They offer a suite of products to accept payments, send payouts, automate financial processes, and enhance revenue growth. 

As for charges, Stripe’s pricing varies based on the services utilized, such as transaction fees for payments and subscription fees for additional features like Billing and Connect. 

Stripe is often favored for its versatility, scalability, and user-friendly interface, making it a viable option for businesses of all sizes. However, the decision to use Stripe should be based on factors such as business needs, budget, and technical capabilities. 

While Stripe primarily focuses on payment services, they also offer corporate cards and business capital loans. 

You might also like: Have You Heard About the Free Stripe Corporate Card Cashback Benefits? 

2. Square 

Square credit card processing

Square is a comprehensive software and hardware platform trusted by millions of businesses worldwide to streamline operations, enhance efficiency, and create new revenue opportunities. 

With Square, you can easily sell anywhere using their secure payment solutions, including: 

  • In-store
  • Online
  • For delivery
  • For in-person pickup 

Square offers tailored product suites for various industries such as restaurants, retail, and beauty businesses – this would enable you to manage and optimize operations across multiple locations and sales channels. 

As for charges, Square’s pricing varies depending on the services utilized, with transaction fees for payments and subscription fees for additional features like Square Loans and Square Checking. 

For small businesses, Square can be a valuable tool due to its versatility, user-friendly interface, and scalability. 

Square also offers business funding from $300 to $250K.

3. Shopify POS

credit card processor for small business

Shopify POS was originally created for Shopify’s online sellers to sync inventory and sales through their online and offline channels. 

It is a versatile point-of-sale system that empowers businesses to:

  • Manage transactions efficiently
  • Accept payments from various sources
  • Synchronize inventory across different sales channels

With Shopify POS, you can integrate in-store and online sales and offer customers flexible shopping options (i.e. “buy online,” “pick up in-store,” or “ship-to-home”). This payment transaction system offers a range of features to enhance retail operations. 

Now, its pricing structure varies depending on the plan selected, with transaction fees and subscription costs. 

For small businesses, Shopify POS can be beneficial due to its user-friendly interface, powerful inventory management, and omnichannel selling capabilities. It’s especially powerful for eCommerce merchants with an online store powered by Shopify or Shopify Plus. 

And, Shopify does offer business funding to online sellers via Shopify Credit (a corporate card) and Shopify Capital. 

You might also like: Shopify Capital Review: What are the Benefits & is it Worth it? 

4. PayPal Zettle 

Which is the best payment gateway for small business?

PayPal POS, also known as PayPal Zettle, is a point-of-sale system designed to facilitate transactions for businesses both in-store and on-the-go. It offers a flexible card reader that seamlessly integrates with your setup, which enables you to accept various payment methods quickly and efficiently. 

With PayPal POS, you can process payments in seconds, including contactless and chip card payments. 

The pricing structure for PayPal POS is straightforward, with no long-term commitments or monthly fees. You only pay a transaction fee of 2.29% plus $0.09 per transaction, along with a one-time cost of $29 for the first card reader and $79 for additional ones. 

PayPal POS can be beneficial for small businesses due to its simplicity, fast setup, and user-friendly interface. 

Plus, PayPal offers small business loans up to $150K, working capital loans up to $250K, and loan builder loans up to $150K. 

5. Clover

top 100 payment processing companies

Clover is a comprehensive point-of-sale (POS) system designed to cater to various types of businesses, including: 

  • Restaurants
  • Retail stores
  • Service-based establishments

It offers more than just payment processing, providing an all-in-one solution to update operations and enhance efficiency – Clover’s system is versatile and adaptable, making it suitable for businesses of all sizes, including small businesses. 

While specific pricing details may vary depending on the plan and features you choose, Clover typically charges rates starting at 2.3% plus 10 cents per transaction. Overall, Clover can be beneficial for small businesses, offering a robust POS solution with features beyond basic payment processing, such as inventory management, customer engagement tools, and reporting capabilities, helping you manage and grow your business effectively.

Moreover, they offer Clover Capital, an advance of funds based on your future sales. 

6. Payment Depot 

cheapest credit card processing for small business

Payment Depot is a payment processing service that offers tailored Interchange+ pricing to help you save on transaction fees. They seamlessly accept all major credit cards, including Apple Pay, Google Pay, Visa, Mastercard, American Express, and Discover. 

While specific pricing may vary depending on your business needs and the plan you choose, Payment Depot aims to provide “transparent” and competitive rates. However, you will need to call and speak with a sales rep to see what pricing they offer you. 

As for whether Payment Depot is good for small businesses, it could definitely  be beneficial due to its customizable pricing structure and variety of solutions suitable for businesses of all sizes. 

Additionally, Payment Depot does offer working capital up to $500K. 

7. Authorize.net