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Top Ten Payments Companies Processed $10.6 Trillion in 2024 Payment Card Volume

via Business Wire

TSG published new rankings for payments companies based on processing volume, transactions, and merchant count

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 again this year for estimated U.S. total processing volume at $2.6T and first for estimated U.S. total transactions at 50B. Square ranks first for estimated U.S. total number of merchants at nearly 4M. Access the entire top ten here.

This data is highlighted in TSG’s 2025 Directory of U.S. Merchant Acquirers, sponsored by Discover® Network, which features over 11,500 data points on more than 300 companies, covering national leaders to regional ISOs. The directory has been a reference tool and buyer's guide for executives, analysts, and major media across the industry for over fifteen years. In total, the companies featured represent:

  • 300+ merchant acquirers
  • $13T in represented processing volume
  • 530+ sponsor bank relationships
  • 900+ total front/back-end processing relationships
  • 55+ total in-house processing platforms

This report is exclusive to eReports subscribers. TSG eReports provide direct insights into the merchant acceptance space. From new entrants to established global entities, available subscription options provide immediate ROI to inform strategic decisions.

Using the 2025 edition, TSG has published new insights on the country’s merchant acquiring landscape below. Read additional findings and insights.

  • The top five players processed an estimated $8 trillion in card volume in 2024. 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.
  • Nearly 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
  • Authorize.net (a Visa solution) is the payment gateway with the most partnerships among the acquirers listed, partnering with 41% of these players, a similar percentage as last year
  • 41% of the players listed sell Fiserv’s Clover point-of-sale products. This is up from 38% of providers that listed Clover as an available smart POS offering.
  • It's impressive to have over a million domestic clients—only Square, Stripe, QuickBooks Payments, Global Payments, and Worldpay hit that threshold.
  • With its predominant focus on restaurants, Toast continues to amass considerable market share, registering as the 14th largest provider by processing volume.
  • Integrated sells – 72% of the top 50 listings by volume utilized the ISV sales channel.
  • 51% of all providers directly marketed the existence of a surcharging or cash discounting/dual pricing program – an increase from 43% last year.

For more information, please contact us online or call 1-833-690-1301. For media inquiries, please email mediarelations@tsgpayments.com.

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 www.tsgpayments.com.

JPMorgan Chase & Co. ranks first again this year for estimated U.S. total processing volume at $2.6T and first for estimated U.S. total transactions at 50B. Square ranks first for estimated U.S. total number of merchants at nearly 4M.

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