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Credit Card Processing Suggestions
Posted on 10/16/18 at 10:53 am
Posted on 10/16/18 at 10:53 am
(SIAP, searched and did not see it.)
Anyone have any suggestions on this?
We currently just use Capital One but have been getting a ton of inquiries by companies to switch us over for a better rate. I know very little about this and while I would like to save some money I don't want to go with some fly by night company that's going to screw me in fees or hidden costs down the road.
I'm also not interested in having it add the percentage to my customers invoice.
Any advice would be greatly appreciated.
Anyone have any suggestions on this?
We currently just use Capital One but have been getting a ton of inquiries by companies to switch us over for a better rate. I know very little about this and while I would like to save some money I don't want to go with some fly by night company that's going to screw me in fees or hidden costs down the road.
I'm also not interested in having it add the percentage to my customers invoice.
Any advice would be greatly appreciated.
5
Posted on 10/16/18 at 11:54 am to Slevin7
Who do you have your company checking account with? Some banks have a merchant services rep that they partner with, I use SwipeSimple and really don't have any complaints about it.
We do not have a POS system or anything it is linked to, but customers will just call and make credit card payments over the phone and read out the numbers.
We do not have a POS system or anything it is linked to, but customers will just call and make credit card payments over the phone and read out the numbers.
Posted on 10/16/18 at 1:18 pm to LigerFan
We bank with Capital One and basically have the system through them. We don't have any problems but I'm always looking to save a few bucks if I can.
Posted on 10/16/18 at 1:21 pm to Slevin7
Yea Swipe Simple charges 3% for fees. Your full transaction amount get deposited into your account and at the end of the month they pull out the 3%
Posted on 10/16/18 at 1:55 pm to Slevin7
What's your card sales volume?
We have a concession stand for our nonprofit and use Square. It's 2.75% on swiped/dip/tap, no per transaction flat charge. Manual enter is more. Cost is deducted from each daily deposit.
Generally banks are the most expensive. But you have to be careful with the independent shops, many have all sorts of other fees they add on. So while the swipe rate might be cheaper, the addon fees might make the total cost a bit higher.
We have a concession stand for our nonprofit and use Square. It's 2.75% on swiped/dip/tap, no per transaction flat charge. Manual enter is more. Cost is deducted from each daily deposit.
Generally banks are the most expensive. But you have to be careful with the independent shops, many have all sorts of other fees they add on. So while the swipe rate might be cheaper, the addon fees might make the total cost a bit higher.
Posted on 10/16/18 at 3:04 pm to LSUFanHouston
Volume ranges significantly between several 100 & many thousands.
Does not appear to be a manual entry fee but its looking like ~3-4% contingent on the card type
I just heard I can do a flat monthly rate. I don't know if that is true or not but I'm going to research it a little bit.
Does not appear to be a manual entry fee but its looking like ~3-4% contingent on the card type
I just heard I can do a flat monthly rate. I don't know if that is true or not but I'm going to research it a little bit.
Posted on 10/16/18 at 7:39 pm to Slevin7
I’ve used precision payment systems. Locally owned ( NOLA) and operated.
Posted on 10/16/18 at 9:43 pm to Slevin7
Banks usually suck in my experience, they do it as a money maker not to actually help their customers.
What’s your gross sales a year? I’m by no means a a professional in this, but for swipe purchases not manually entered you should be able to get under 3%.
What’s your gross sales a year? I’m by no means a a professional in this, but for swipe purchases not manually entered you should be able to get under 3%.
Posted on 10/17/18 at 9:17 am to baldona
90% of what we do is manually entered. It seems ridiculous to me that would matter, apparently it does though
Posted on 10/17/18 at 2:00 pm to Slevin7
Why is it manually entered? Can you change that? Or you mean it’s done online? Manually entered is higher because the fraud percentage is higher, all you need is a picture and not the actual card to manually enter.
Posted on 10/17/18 at 5:27 pm to Slevin7
1. Don't sign a lease agreement on equipment. Industry standard is 4 years and it's almost impossible to get out of it. If you can, buy your POS equipment.
2. Watch the fine print on teaser rates. They hook you with a low rate, but the contract lets them raise it after a certain time...and they will.
3. First Data is the freaking devil. Avoid them at all costs.
2. Watch the fine print on teaser rates. They hook you with a low rate, but the contract lets them raise it after a certain time...and they will.
3. First Data is the freaking devil. Avoid them at all costs.
Posted on 10/18/18 at 2:45 pm to baldona
Manually entered bc of phone orders. Nah. It's not worth inconveniencing my customers.
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