Credit Card Processing WTF?

[ProColorGraphics]

I ditched my terminal a few months back and have stuck with Square too. I have had great luck with it. Plus if I have a month with no CC sales, I don't get stuck with the minimum fee.

 

[Accelerated Graphics]

I just pulled my statement after see all this and mine is 2.5% after all the after fees for the month...
my manual entrys are 2.55% which is the largest part on mine and 1.75 on swiped... I feel pretty good about mine.

 

[fresh]

There is a trick to use with all credit cards. Set up an account strictly for credit card deposits. Once the cash posts transfer it to your regular business account. No available cash will usually net you a call from the processor. Then you can present your documentation. Can't take what you don't have.

I learned this trick from guys that literally make their living on eBay.

Is this 100% fool proof? Nope. Will it buy you time? Yup.

I completely agree with you. I am working on a side project that we will be taking paypal for, and I want to be able to remove those funds as soon as they come in. Its just a headache, I hate accounting.

 

[FatCat]

I just pulled my statement after see all this and mine is 2.5% after all the after fees for the month...
my manual entrys are 2.55% which is the largest part on mine and 1.75 on swiped... I feel pretty good about mine.

I'd be interested to see who you are using. AFAIK, there is no way around business or reward cards sticking it to you. Even if your company charges a low rate at the time of the transaction, companies like Intuit go back at the end of the month and THEN take out the fees for business/reward cards. I'm in the process of shopping around as I have been using Intuit for almost 3 years. Took a look at one of my last monthly statements. We did about $8800 in CC transactions and after processing and reward fees were hit with $532.00. That's a big bite if you ask me...

I'm currently talking with folks at Elavon through Costco. Seems like they may be the best I've found so far. Anyone using Costco's processor?

 

[Accelerated Graphics]

I pulled the last 3 statements from the cc company..
Aug--8602.48---229.61
sept-6288.18---166.32
Oct 14900.33---374.90
I use the company my bank sent me to TIB-- the independent bankers bank
their number--- 800-327-0053

Don't cost you nothing to check it out...Maybe they can help some of you out..

 

[FatCat]

Thank you for posting that info - I will definitely look into them!

 

[fresh]

I pulled the last 3 statements from the cc company..
Aug--8602.48---229.61
sept-6288.18---166.32
Oct 14900.33---374.90
I use the company my bank sent me to TIB-- the independent bankers bank
their number--- 800-327-0053

Don't cost you nothing to check it out...Maybe they can help some of you out..

Just a heads up, those rates are awesome, and it may be in error on the processors part. Before I had square, my processor had my AMEX rate at something stupid low, like 0.75%, and I know it was a mistake. Of course I didn't bring it up, and I gladly accepted AMEX.

 

[Accelerated Graphics]

https://www.mybankersbank.com/

 

[player]

Is Square Trade for Canada as good as it is in the USA?

I see they are giving away the reader if you sign up... Are there any other costs involved?

Thanks

 

[The Vector Doctor]

I'd be interested to see who you are using. AFAIK, there is no way around business or reward cards sticking it to you. Even if your company charges a low rate at the time of the transaction, companies like Intuit go back at the end of the month and THEN take out the fees for business/reward cards. I'm in the process of shopping around as I have been using Intuit for almost 3 years. Took a look at one of my last monthly statements. We did about $8800 in CC transactions and after processing and reward fees were hit with $532.00. That's a big bite if you ask me...

I'm currently talking with folks at Elavon through Costco. Seems like they may be the best I've found so far. Anyone using Costco's processor?

I had to contact Rick about this too. Those are insanely low rates, especially for manual entry. I would be interested if anyone is able to get Rick's rates through that company. Doesn't seem right. I shopped forever and they all promise low rates but the rewards cards and card not present transactions (manual entry) jack those rates up considerably. 100% of my transactions are manual entry. I previously used Merchant Warehouse and they barely budged on rates. So I went to Intuit and saved some money but still nothing like Rick's rates

 

[Locals Find!]

I had to contact Rick about this too. Those are insanely low rates, especially for manual entry. I would be interested if anyone is able to get Rick's rates through that company. Doesn't seem right. I shopped forever and they all promise low rates but the rewards cards and card not present transactions (manual entry) jack those rates up considerably. 100% of my transactions are manual entry. I previously used Merchant Warehouse and they barely budged on rates. So I went to Intuit and saved some money but still nothing like Rick's rates

You might want to shop paypal. They have some merchant account offerings through wells fargo that are setup so you can get decent rates on cards not present. Also, I have found that forcing people to pay via paypal is pretty good too. The rate is 3.9% + .30 but, I get my money pretty quickly because people trust paypal. They also like that bill me later option that allows me to get paid and they don't have to pay for 30-120 days. Takes the pressure of collecting off of me and lets someone else do the chasing.

 

[FatCat]

You might want to shop paypal. They have some merchant account offerings through wells fargo that are setup so you can get decent rates on cards not present. Also, I have found that forcing people to pay via paypal is pretty good too. The rate is 3.9% + .30 but, I get my money pretty quickly because people trust paypal. They also like that bill me later option that allows me to get paid and they don't have to pay for 30-120 days. Takes the pressure of collecting off of me and lets someone else do the chasing.

My main issue with Paypal is not because I have had problems with them, but 1 out of 3 customers I have tried to ask to use Paypal won't do it because of so many bad stories floating around out there on the web about Paypal scams, getting ripped off, etc. Plus, I also know that if you have any issue with a Paypal transaction, or if your customer decides to reverse a transaction for whatever reason it will likely take a much longer time to resolve vs. a regular processor.

 

[Graphic Destruction]

Resurrecting an old thread here to see if things have changed...

I see a few of you did not like Intuit and went to square. Do you still like square? I'm starting my own shop after years of working for others and Intuit gave me the reader free, no monthly fees and 2.4 per swipe + 25 cents. I thought that was actually pretty good unless there's still a ton of hidden fees. Basically, I was wondering if things have changed a lot in the last year and a half, which I'm sure it has as mobile readers have grown in popularity and there's more competition among the companies.

 

[Techman]

I use the Square ,, It gets me an additional 11-15% a month in sales. It is so fast and easy it is scary. All that with no compliance nonsense or huge fees, or other hassles.

However, all the reader companies ,, Square, PayPal, Amazon Amazon is the worst) . will require you to get their new reader when the smart cards get online. They cost will be around 30 bux.

 

[Charlie J]

+1 for Square. We love it so far.

 

[Graphic Destruction]

Hmmm...I need to talk to Intuit and Square about the "extra fees" before I activate this Intuit reader. Thanks.

 

[The Vector Doctor]

Square is primarily for swipes but what about manual entry? Does anyone use their same Square account? Does using a manual entry system trigger a monthly fee? I know the rates are higher for non swipe but was wondering if there are any other fees. They are not very informative at their site about non swipe

 

[Billct2]

Good question Eric, most of my CC transactions are over the phone.

 

[klingsdesigns]

Square is primarily for swipes but what about manual entry? Does anyone use their same Square account? Does using a manual entry system trigger a monthly fee? I know the rates are higher for non swipe but was wondering if there are any other fees. They are not very informative at their site about non swipe

No monthly fee. You just pay a little bit higher percent for the fee. I believe swipe is 2.75% and enter in is .15 and 3.5%

 

[rjssigns]

I wonder how Apple Pay will impact purveyors of credit card services? Although only users of iPhone 6 will have the capability I'm sure the technology will spread.