TSG (The Strawhecker Group), an analytics and intelligence firm in the payments industry, has worked with payments companies to compile the industry’s most comprehensive resource on merchant acquirers.
Collectively, the companies highlighted process over 95% of all card payment volume in the US.
Looking at the top-ranked companies, JPMorgan Chase & Co. ranks first for estimated US total processing volume at $2.4 trillion, and first for estimated US total transactions at 46.2 billion. Stripe ranks first for estimated US total number of merchants at nearly 3.8 million.
This data is highlighted in TSG’s 2024 Directory of U.S. Merchant Acquirers, which features over 11,000 data points on more than 300 companies, covering national leaders to regional ISOs.
Using the directory as a guide, TSG has published new insights on the country’s merchant acquiring landscape below.
The top five players processed an estimated $7.5 trillion in payment card volume in 2023. All five players have a strong bank sales channel, as they are either bank-owned or have bank partners/clients from other areas of their business.
Over 60% of the volume represented in the directory is processed by these top five players, and almost 90% of the volume represented in the directory is processed by the top 25 listed players
Looking at the top-ranked companies, JPMorgan Chase & Co. ranks first for estimated US total processing volume at $2.4 trillion and total transactions at 46.2 billion. Stripe ranks first for estimated US total number of merchants at nearly 3.8 million.
Authorize.net (a Visa solution) is the payment gateway with the most partnerships among the acquirers listed, partnering with 42% of these players, a similar percentage as last year
38% of the players listed sell Fiserv’s Clover point-of-sale products. This is up from 35% of providers that listed Clover as an available smart POS offering.
Only Square and Stripe have over 3 million domestic clients, though micro-merchants in those figures may not perform strongly for these players
With its focus on restaurants, Toast continues to amass a considerable market share, registering as the 15th largest provider by payment card volume
Wells Fargo continues to be the most utilised sponsor bank, at nearly 27% market share in terms of relationships
43% of all providers directly market the existence of a surcharging or cash discounting/dual pricing program
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