Let's Find The Right Credit Card Processing Service For You

Pros / This service provides you with a free card reader that is EMV capable and accepts NFC payments.

Cons / PayAnywhere requires you to sign a three-year contract.

 Verdict / This processor doesn't have any fees and has a low rate, but its poor service terms resulted in a low overall score.

PayAnywhere is the mobile processing branch of North American Bancard. This processor doesn't charge any fees and has a single flat rate, but it falls below the setup, service term and customer service thresholds we consider important when choosing a processor.

This processor offers an EMV-capable card reader to all accounts. This reader is free and ships when you open your account. This card reader also allows you to accept NFC payments, such as Apple Pay. If you purchase the reader from an Apple Store, it costs $39.95, but the processing costs are waived on your first $5,000 of sales transacted using Apple Pay.

PayAnywhere offers a flat rate to all merchants who sign up for its processing service. The flat swiped rate is 2.69 percent and applies to all swiped transactions regardless of whether they are made with a debit, credit or rewards card. If you need to key in a transaction, it is processed at 3.49 percent along with an additional $0.19 per-transaction fee.

You don't have to pay a monthly fee, monthly minimum or annual PCI-compliance fee when you sign up with PayAnywhere. The only costs are the processing costs that you pay when a customer makes a purchase.

PayAnywhere received the maximum transparency and consistency score because it posts information about its pricing, fees and service terms on its website and corroborated that information when we contacted its reps.

The biggest flaw of PayAnywhere is that it requires you to sign a three-year contract. We don't recommend signing a lengthy contract for even a standard credit card processing account, much less for accepting mobile credit card payments. PayAnywhere is the only mobile credit card processor we reviewed that requires a contract. The contract includes an early termination clause and a provision for liquidated damages. If you choose this company, it's worth asking your rep for a waiver that gives you month-to-month service and eliminates the early termination fee.

PayAnywhere takes longer to set up than many other processors in our review. It can take as long as 78 hours for your account to be approved. Once you've begun processing, it can take up to two days for your funds to appear in your account, which is an average amount of time.

We found PayAnywhere's customer service to be inconsistent. Some reps we spoke to were helpful and informative while others didn't reply or couldn't answer our questions. PayAnywhere doesn't offer a dedicated rep or have 24/7 phone support.

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PayAnywhere has no fees and offers a single flat rate on all swiped transactions. Unfortunately, this processor has a three-year contract with an early termination clause, which gives it a lower score than other processors in our review.

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