The top 10 US merchant acquirers collectively processed $10.6 trillion in card volume during 2024, according to newly released data from The Strawhecker Group (TSG).
The findings, sourced from TSG’s authoritative 2025 Directory of US Merchant Acquirers, shed light on a market that remains highly concentrated and increasingly defined by scale, strategic bank relationships, and integrated software-led growth.
JP Morgan Chase & Co. once again tops the leader board, processing an estimated $2.6 trillion in US card payments across 50 billion transactions.
Square, meanwhile, dominates in merchant count, serving nearly four million businesses – underlining its reach among SMEs and sole traders.
Together, the top five players accounted for an estimated $8 trillion in card volume, with the vast majority maintaining robust distribution through either direct banking arms or key financial institution partnerships.
The data reveals that almost 60% of total card volume is processed by these top five firms, while the top 25 account for close to 90% of volume – a testament to continued consolidation within the sector.
This clustering of volume among fewer entities underscores a significant barrier to entry and emphasises the importance of scale, particularly as providers seek to enhance their technology stacks, underwriting models, and risk controls.
TSG’s directory – now in its fifteenth year – has become the definitive industry resource, spanning over 300 merchant acquirers, 530 sponsor bank relationships, and over 900 front- and back-end processing arrangements.
Altogether, the firms profiled represent more than $13 trillion in annual processing volume.
From a product perspective, partnerships and platform choices remain critical differentiators.
Authorize.net, a Visa-owned payment gateway, retains its status as the most widely integrated gateway across the acquirer base, cited by 41% of providers.
Similarly, Fiserv’s Clover continues to gain traction, now offered by 41% of acquirers – up from 38% the previous year.
Software-driven models also feature prominently.
Integrated software vendors (ISVs) now form a core sales channel, with 72% of the top 50 by volume employing this route to market.
Meanwhile, surcharging and dual pricing models have seen a marked rise, with over half (51%) of acquirers marketing such solutions, up from 43% in the previous year.
Notably, Toast – focused on the restaurant vertical – has emerged as the 14th largest acquirer by volume, signalling the strength of vertical SaaS propositions.
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