Anyone stop accepting credit cards?

[ams]

Anyways........moving on. Contact First Data

 

[rjssigns]

We use square, mostly as a convenience to our customers. It's also nice when a customer wants to pay on the spot with a credit card vs waiting 30+ days for a check.

This^^^^

For the small amount I have to deal with credit cards it works well.

 

[Johnny Best]

PayPal here if they want to pay with credit card, but prefer cash or local checks.

 

[a77]

I love credit cards, they don't bounce like cheques.
Not a fan of the customer that says a cheque is coming, then after 60+ days you go after them and they say... "oh can I put it in cc?" Invariably, I'll say yes - because it's money in the bank virtually instantly.

 

[royster13]

I build enough margin into my prices to cover the overhead of processing credit cards.....I then offer a 3% discount if invoice is paid by Interac e-Transfer (Canadian thing)....About 60% of my payments came by credit cards and 35% by Interac e-Transfer and 5% cheques....

 

[Gary Wiant]

We use Square & a chip / air pay reader costs $30. We do a lot of work for companies that only pay by CC so we started charging 4% on all credit card orders. Occasional we have a customer that says, square doesnt charge that 4% or that's more than you get charged thats not fair. My reply is "Yes & you are welcome to go get cash"

 

[Lizzie Newton]

I am so tired of dealing with credit card processors. I feel like I am constantly getting hosed. I am considering to stop accepting credit cards. Our business has shifted a lot over the years to where we are not dealing with the general public very much. My annual fees are typically in the $2000-$2500 range. So far this year it is $2200. That is a lot of money. It is exhausting negotiating good rates, switching companies, etc. I know the customers that will be most disappointed are the ones that work at large companies that will now have to go through hoops to get a PO, etc. Just curious if anyone out there ditched cc's and what your experience was.

As a company in this modern age, we have a credit card machine. It has its plus points, one being that you don't get the usual Oh I will post a cheque out to you..... We tend not to get really stung with the charges, as high value amounts tend to be made by Bank Transfer (BACS), so all told I am glad we have the facility..... that is until you get a customer wanting to pay £2.00 by card, of which I always stay minimum £50 for any card transaction, you will be surprise then on how quickly they rustle up the loose change

 

[Texas_Signmaker]

I have a business rewards card that pays me 2% on everything. I pay EVERYTHING I can with it and collect about $150-$200 a month back. Now, that doesn't offset my processing fees entirely, but it gets pretty close. About half my payments are in CC, the other half check.

Getting a good rewards card could help put that $$ back in your hands.

 

[visual800]

SQUARE...SQUARE...SQUARE! I love it. simple an fees arent that bad

 

[Texas_Signmaker]

Waveapps is much cheaper then square...and let's the customer make partial payments, and you can make estimates. And let's them pay with bank xfer for like 1%

 

[FASTSIGNS]

Once again, you don't have your facts straight. They don't pay me..... the customer pays their own fees. It's built right into the transaction by the CC company. However, if anything over a certain amount goes through in a month's time, we can get a cash back from them. It's all perfectly legal and the way more and more companies are starting to do business when it comes to CC.

Some people/companies don't mind.... while others think it's wrong. Well, someone has to pay for your convenience, huh ?? Who better than yourself ?? I'm done paying for other lazy a$$wipes notions things should be free to them.

Gino, would you mind sharing details? Sounds interesting. TIA

 

[equippaint]

This a good example of a humble brag just like people complaining about how big of a check they had to write to the IRS.

 

[ddarlak]

and those charges are tax deductible.

that was quite possibly the dumbest thing i've ever read on here.

99% of my transactions are checks or direct bank transfer, but i do have a paypal here slider for those that slip thru the cracks and can only pay with a CC

 

[Stacey K]

I use Wave...the accounting part is free and super easy to use. Much easier than QuickBooks. 2.9% + 30 cents per transaction for invoices...a bit higher than Square I think.

 

[2B]

I see a lot of places saying "Prices quoted are cash or check. Credit Card payments will be charged a 3% fee".

you have to be careful about this.
some states will not allow you to charge an additional fee for CC usage. however, there are loopholes for getting around this.

Case in point is the Texas Tax Comptroller. When you go to their website to pay your comptroller taxes, you can either do a direct deposit via E-check or use a CC, on the credit card they list you will pay a "service fee". when questioned about this added fee and how Texas a law about the added CC cost. was told since the processor is in a state that allows the fee they are able to add the CC fee to payments.
the DMV calls it a "convenience fee" and when they were questioned about the fee. they also state the processor is out of state and thereby they are the ones adding the fee, not the DMV office.

 

[TimToad]

that was quite possibly the dumbest thing i've ever read on here.

99% of my transactions are checks or direct bank transfer, but i do have a paypal here slider for those that slip thru the cracks and can only pay with a CC

You don't write off the bank charges and credit card fees you pay?

 

[ddarlak]

You don't write off the bank charges and credit card fees you pay?

of course, but stating that they are tax deductible is just stupid. you are taxed on your profit, everything else is an expense. So stating the obvious when talking about not wanting to pay CC fee's is....just like i said, quite possible the stupidest thing i've ever read on this forum...

 

[TimToad]

of course, but stating that they are tax deductible is just stupid. you are taxed on your profit, everything else is an expense. So stating the obvious when talking about not wanting to pay CC fee's is....just like i said, quite possible the stupidest thing i've ever read on this forum...

Given the fact that many of our colleagues on this site are new to the industry and possibly new to business ownership, even the most obvious should not be discouraged from being stated. I don't assume anything about the business experience or knowledge of others.

 

[Texas_Signmaker]

I use Wave...the accounting part is free and super easy to use. Much easier than QuickBooks. 2.9% + 30 cents per transaction for invoices...a bit higher than Square I think.

its lower then square

 

[decalman]

In my experience, I found, that the only place where you really need to accept cc is online. Good luck getting someone to write you a check online. People are so inclined to pull out a cc.