Top Ten Payments Companies Processed $9.5 Trillion in 2023 Payment Card Volume

TSG (The Strawhecker Group), a globally recognized analytics, intelligence, and solutions-focused firm in the payments industry, 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 U.S.

Looking at the top-ranked companies, JPMorgan Chase & Co. ranks first for estimated U.S. total processing volume at $2.4T, and first for estimated U.S. total transactions at 46.2B. Stripe ranks first for estimated U.S. total number of merchants at nearly 3.8M. Access the entire top ten here.

This data is highlighted in TSG’s 2024 Directory of U.S. Merchant Acquirers, sponsored by Chargeback Gurus, which features over 11,000 data points on more than 300 companies, covering national leaders to regional ISOs. The directory, which has served as an unparalleled resource and buyer’s guide across the industry for over fifteen years, is exclusive to eReports subscribers. In total, the companies featured represent:

• 300+ U.S. merchant acquirers
• $12+ trillion in total processing volume
• 550+ total sponsor bank relationships
• 950+ total front/back-end processing relationships
• 55 total in-house processing platforms

TSG eReports provide direct insights into the merchant acceptance space. From new entrants to established global entities, there is a subscription option that provides immediate ROI to inform strategic decisions.

Using the directory as a guide, TSG has published new insights on the country’s merchant acquiring landscape below. Read additional findings.

• The top five players processed an estimated $7.5 trillion in 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 twenty-five listed players
• Looking at the top-ranked companies, JPMorgan Chase & Co. ranks first for estimated U.S. total processing volume at $2.4T and total transactions at 46.2B. Stripe ranks first for estimated U.S. total number of merchants at nearly 3.8M.
• 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 processing volume
• Wells Fargo continues to be the most utilized 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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About TSG

TSG (The Strawhecker Group) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world's most valuable brands. Trusted by industry leaders, TSG's strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit http://www.tsgpayments.com/.

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