-
I want to thank all the members that have upgraded your accounts. I truly appreciate your support of the site monetarily. Supporting the site keeps this site up and running as a lot of work daily goes on behind the scenes. Click to Support Signs101 ...
Credit Card Processing WTF?
- Thread starter Pat Whatley
- Start date
Graphic Destruction
New Member
That is another reason I liked intuit. With quick books, there is a bill pay link in the quote that the customer can enter a cc number to pay that saves you the fees of taking a card over the phone and never actually seeing or touching it. Now, whether it's better than square in the long run, I don't know.
Pat Whatley
New Member
Since this got drug back up I figured I'd update it. Since I closed my storefront I switched over to Square and could not be happier. It puts the deposits through faster, it's cheaper, and with the 20 or so transactions I've run through it at least half of them have asked questions about how it works because they are frustrated with their current processor.
I've seen 2 things being posted in this thread. People posting their rates for different types of cards and people posting their total cost to process credit cards compared to their credit card sales. The listed rates that everyone has are only a part of the cost. There are tons of additional fees on top of that which is why its best to compare total cost including all fees to your credit card sales to get the actual average percentage you are paying.
I have been using payjunction for the past several years and so far really like them. payjunction.com. The have a really nice web interface for processing and also include an internet gateway so you can sell online and a way to process on your phone. You can also use an terminal if you want but the web interface with a $20 swiper is way nicer and cheaper. One of the ways I use the online payment portion is I put a link on my website so people can pay their bill online. It makes it really easy to get payment up front from people. I email order confirmations with a link to pay online. They also have no contracts
A large majority of cards we take are business cards which are the most expensive to accept. And about half our cards are keyed. Taking into account all the fees charged our processing averages right around 3% of our credit card sales which I consider good especially with all the features they offer that are normally a lot more with other companies.
I have been using payjunction for the past several years and so far really like them. payjunction.com. The have a really nice web interface for processing and also include an internet gateway so you can sell online and a way to process on your phone. You can also use an terminal if you want but the web interface with a $20 swiper is way nicer and cheaper. One of the ways I use the online payment portion is I put a link on my website so people can pay their bill online. It makes it really easy to get payment up front from people. I email order confirmations with a link to pay online. They also have no contracts
A large majority of cards we take are business cards which are the most expensive to accept. And about half our cards are keyed. Taking into account all the fees charged our processing averages right around 3% of our credit card sales which I consider good especially with all the features they offer that are normally a lot more with other companies.
The Vector Doctor
Chief Bezier Manipulator
For those of you on Square and manual input the card info... is it only supported on a phone or iPad with the reader attached or is there a website you login to for inputting your customers' card info?
Here is my virtual terminal I am using for Intuit. They recently started charging a monthly fee and they also have a yearly high PCI compliance fee
I would prefer to use a virtual terminal on my computer as I can type in info faster on a computer keyboard versus an ipad
Here is my virtual terminal I am using for Intuit. They recently started charging a monthly fee and they also have a yearly high PCI compliance fee
I would prefer to use a virtual terminal on my computer as I can type in info faster on a computer keyboard versus an ipad
Attachments
klingsdesigns
New Member
You just use the app on your phone and put the amount you want to charge and then you can type the number etc in.
Techman
New Member
you can log into a square account online and send invoices via email in addition to the swiper. I use this regularly. The client gets and email with a way to enter credit card info. When he pays you get an email saying so. I couldn't live without the square. A day to two later the money appears in your bank account.
Square is adding on more features as time goes on. You can also have a store and sell items. I would advise anyone who is interested to quit asking questions here and sign up. There is way to much there to explain in post after post here.
What is really good is no fees of any kind when you have no sales for a few weeks. So about 3 bux in fees per hundred in sales is just a token compared to the old days of a minimum fee of 40 a month no matter what the sales were
Square is adding on more features as time goes on. You can also have a store and sell items. I would advise anyone who is interested to quit asking questions here and sign up. There is way to much there to explain in post after post here.
What is really good is no fees of any kind when you have no sales for a few weeks. So about 3 bux in fees per hundred in sales is just a token compared to the old days of a minimum fee of 40 a month no matter what the sales were
Graphic Destruction
New Member
Just signed up for square rather than intuit. You guys already on missed the boat, there's a referral program that gets you and the new member $1,000 in free swipes. Vector Dr., if you go to square, let me know before you sign up.
FireSprint.com
Trade Only Screen & Digital Sign Printing
I have preached this before, but that's why we use PayPal. We pay 2.2% + 30 cents for V MC D and 3.5% for AMEX. There's a $30 monthly fee but we got that waived. No batch fees, no PCI compliance fees or tests, nothing else.
We used traditional processors for years and found our effective rate was closer to 4-5% after all the fees. PayPal fixed that and we know EXACTLY what it will cost us to process a transaction.
Square is good to, you just need to compare you volume to the price tiers.
In terms of charging more to take credit cards, we would have a problem doing that. The way we do it is we split the transaction fees with our customer if they prepay with a check.
Credit cards are nice. They're easy and the money's in your hands in a couple of days. There's a cost for that service and keeping receivables low.
We used traditional processors for years and found our effective rate was closer to 4-5% after all the fees. PayPal fixed that and we know EXACTLY what it will cost us to process a transaction.
Square is good to, you just need to compare you volume to the price tiers.
In terms of charging more to take credit cards, we would have a problem doing that. The way we do it is we split the transaction fees with our customer if they prepay with a check.
Credit cards are nice. They're easy and the money's in your hands in a couple of days. There's a cost for that service and keeping receivables low.
Techman
New Member
Why don't you add me ????
If anyone wishes to give me the referals pls PM to me. I will give you the referal link.
Before you sign up.
Share your unique free processing link through Twitter, or Facebook, or simply copy and paste the link in any status or email you like.
Anyone who activates through this link will receive a fee reimbursement for the first $1,000 in payments.
threeputt
New Member
Agree totally! We have a large quadrant of companies that have their authorized buyers carry P-cards.
It's quicker than getting a Purchase Order, sending an invoice, waiting the 30 days.
Would not have it any other way. But....we are not paying 7% either. Might change things if we were. We are sub 3 percent. Our merchant services is through Costco. Check them out!
Techman
New Member
If you wish to sign onto the square..
use this link to get up $1000 in credits for your swipe fees on the Square
https://squareup.com/i/CD0F0BD0
use this link to get up $1000 in credits for your swipe fees on the Square
https://squareup.com/i/CD0F0BD0
Karen Souza
New Member
Just signed up for Square (wish I knew about the promotional free swipe thing!).
Got really tired of all the FEES. This past August one of the MANY fees I was paying that was $1 a month
went to $12 a month! Told is was a Government fee, couldn't do anything for me (don't know if it was
the truth or not). That did it for me! I would rather pay a higher swipe fee with NO other charges for
the amount I use it. Will see how it goes......
To the question of being able to tack on the swipe fee to customers....yes and no...There are 10 states you CANNOT
do that...Mass being one ...of course. Look it up online....bookkeeper found it for me when I inquired.
Got really tired of all the FEES. This past August one of the MANY fees I was paying that was $1 a month
went to $12 a month! Told is was a Government fee, couldn't do anything for me (don't know if it was
the truth or not). That did it for me! I would rather pay a higher swipe fee with NO other charges for
the amount I use it. Will see how it goes......
To the question of being able to tack on the swipe fee to customers....yes and no...There are 10 states you CANNOT
do that...Mass being one ...of course. Look it up online....bookkeeper found it for me when I inquired.
bluehammer
New Member
It's the cost of doing business. Build it into your pricing if you do a lot of credit card business. It's only 3-5%. Nothing that will kill a sale. If one of my clients is going to jump ship for 3%, someone else can have them. You'll never make money on that type of client. Just my two cents.
crewchief97
New Member
Can you print receipts using Square? If so how.
FatCat
New Member
Saw this thread got resurrected and thought I'd chime in...
So, at the time of my last post I was looking at Elavon through Costco, and tried it for less than a month. Horrible, horrible experience with them - and judging by the online feedback (which I should have looked into first) I am not alone. Terrible customer service, hidden fees, tried to make me pay for equipment rental, etc. even though I told them I wanted none of it. To make matters worse, even after I cancelled with them they kept deducting the monthly fee out of my account for 4 months after the fact, even though I called numerous times, even spoke to managers, etc. all promising they would rectify the problem. Finally, I called my bank and had them take care of it.... Please take my advise and steer clear of Elavon.
Anyway, Square is great, but typically you can save money if you're doing an average of $5k+ per month with other processors. I really had no problems to speak of and still have an account active just in case... However, I will share a story about a bad experience with square from a very close friend of mine who owns a printing business. About a year ago they were hit with a $3,000+ chargeback. It was all due to a direct mail piece that had nearly $2,000 in postage and the actual printing was only worth $1000. Halfway through the job his press broke down and he had to order a part which delayed all of the mailers from going out for almost week. The customer was informed of this and agreed to mail the 1/2 that was done, and then mail the rest when the press was fixed and they could finish printing. All of this is documented in emails. However, the following month the customer decides to do a chargeback because they apparently didn't get the response from the mailer they were expecting and blamed the fact that 1/2 the mailers were sent out a week late. (For arguments sake, none of this was time sensitive - basic advertising piece.) Anyway, the printer contacts Square and explains all of this, emails copies of the documentation etc to show they did nothing wrong, mailers were printed and mailed as agreed and the customer was aware of the week delay. About 3 weeks later Square informs the printer that they ruled with the customer and that is it. *Come to find out later from a person working in the credit card industry that Square can't risk pissing off any of the credit card companies and that they play ball with them first and the customer comes second. So, if you're ever in a pinch over a chargeback issue, be aware 99% of the time you are going to lose that battle if Square is representing you.
Sooo.. fast forward to today and I am doing business with a family friend through a local processing company for rates far better than square, no equipment rental or charges and I have no contract so I can leave whenever. I will admit this is a special arrangement for me and lots of fees and such were waived, but any of those could be argued about if the processor wants your business bad enough. So far, so good, no complaints. I have an actual CC terminal with receipt printer and monthly statements mailed to me, and my very own CSR who will go to bat for me in the event a chargeback ever happens.
So, at the time of my last post I was looking at Elavon through Costco, and tried it for less than a month. Horrible, horrible experience with them - and judging by the online feedback (which I should have looked into first) I am not alone. Terrible customer service, hidden fees, tried to make me pay for equipment rental, etc. even though I told them I wanted none of it. To make matters worse, even after I cancelled with them they kept deducting the monthly fee out of my account for 4 months after the fact, even though I called numerous times, even spoke to managers, etc. all promising they would rectify the problem. Finally, I called my bank and had them take care of it.... Please take my advise and steer clear of Elavon.
Anyway, Square is great, but typically you can save money if you're doing an average of $5k+ per month with other processors. I really had no problems to speak of and still have an account active just in case... However, I will share a story about a bad experience with square from a very close friend of mine who owns a printing business. About a year ago they were hit with a $3,000+ chargeback. It was all due to a direct mail piece that had nearly $2,000 in postage and the actual printing was only worth $1000. Halfway through the job his press broke down and he had to order a part which delayed all of the mailers from going out for almost week. The customer was informed of this and agreed to mail the 1/2 that was done, and then mail the rest when the press was fixed and they could finish printing. All of this is documented in emails. However, the following month the customer decides to do a chargeback because they apparently didn't get the response from the mailer they were expecting and blamed the fact that 1/2 the mailers were sent out a week late. (For arguments sake, none of this was time sensitive - basic advertising piece.) Anyway, the printer contacts Square and explains all of this, emails copies of the documentation etc to show they did nothing wrong, mailers were printed and mailed as agreed and the customer was aware of the week delay. About 3 weeks later Square informs the printer that they ruled with the customer and that is it. *Come to find out later from a person working in the credit card industry that Square can't risk pissing off any of the credit card companies and that they play ball with them first and the customer comes second. So, if you're ever in a pinch over a chargeback issue, be aware 99% of the time you are going to lose that battle if Square is representing you.
Sooo.. fast forward to today and I am doing business with a family friend through a local processing company for rates far better than square, no equipment rental or charges and I have no contract so I can leave whenever. I will admit this is a special arrangement for me and lots of fees and such were waived, but any of those could be argued about if the processor wants your business bad enough. So far, so good, no complaints. I have an actual CC terminal with receipt printer and monthly statements mailed to me, and my very own CSR who will go to bat for me in the event a chargeback ever happens.
We got a chargeback for $150, and it was because the guy was a scoundrel. He came in a day or two after Hurricane Sandy, an out of towner looking to profit on our losses. Anyway, we sent him a proof for some vehicle lettering, made changes to it and sent a 2nd proof, and he decided to "hold off for a few days" because he was going to be working with another company, not on his own as he planned. We're waiting and waiting to hear back from him, and finally, I get a call from him saying he left town since it wasn't working out. Um, yeah, you don't get the entire amount back. Next thing I know, get a chargeback notice from square. I sent them our invoice that clear states "deposits are non-refundable", copies of our emails about changes to the proof, etc. They still gave him his money back. Also, there is no human to talk to. which is annoying.
So I'm always worried about taking big amounts with square, but we've been lucky so far.
copythat
New Member
Cost of doing business with credit cards...NOT!
CUSTOMER REWARDS
I posted on these cost before. Maybe not here but in another forum. I was checking my bank statements online when I came across a charge of $471.00 going back to C.C. company. I gave them a call and they politely said, oh sir that was for, forgot the code she mentioned. Told her to speak to me in english and explain what this code meant. It's for rewards issued to the C.C. holders by participating companies. I told her I never signed up to give my profits away. But somewhere in the contract it stipulates that we accepted that agreement. Visa and Amex is notorious for this. I told her that I will not accept anymore rewards card in my premises.
She said I'm not allowed to turn anyone away from using it.
So I never told her what I was going to do, after 4 months I am down to around $70-125 of rewards being paid back. I have given cards back to clients when they say "rewards" and their reaction is to tell me oh no Chase is given that to me. I tell them, no they are not, it's coming out of our accounts not theirs. These idiots- Chase; Capital One; American Airline; AMex etc...love to tell their holders that they can get cash back. And spend a lot of advertising money to sell them. But all the funds are coming for us! Not their pockets.
I was also told that I'm not allowed to have a min. charge on credit card sales. That if someone wants to charge $1 I have to do transaction. I have a $20 min. which is going up to $50 right after this post. I had a representative field worker(Dept.of consumer Affairs) trying to find any issues in my place. NOTHING! But I took the liberty of asking him about C.C. minimum. As long as I have it stating the min. in large type. He said they all say that and the only recourse the C.C. company has is to revolt the use of their unit. Which we all know they don't want to go that route.
P.S. The reason I can't get the cost of rewards down is because the C.C. companys have smarten up and don't issued out cards saying "rewards"
Sign Up!
CUSTOMER REWARDS
I posted on these cost before. Maybe not here but in another forum. I was checking my bank statements online when I came across a charge of $471.00 going back to C.C. company. I gave them a call and they politely said, oh sir that was for, forgot the code she mentioned. Told her to speak to me in english and explain what this code meant. It's for rewards issued to the C.C. holders by participating companies. I told her I never signed up to give my profits away. But somewhere in the contract it stipulates that we accepted that agreement. Visa and Amex is notorious for this. I told her that I will not accept anymore rewards card in my premises.
She said I'm not allowed to turn anyone away from using it.
So I never told her what I was going to do, after 4 months I am down to around $70-125 of rewards being paid back. I have given cards back to clients when they say "rewards" and their reaction is to tell me oh no Chase is given that to me. I tell them, no they are not, it's coming out of our accounts not theirs. These idiots- Chase; Capital One; American Airline; AMex etc...love to tell their holders that they can get cash back. And spend a lot of advertising money to sell them. But all the funds are coming for us! Not their pockets.
I was also told that I'm not allowed to have a min. charge on credit card sales. That if someone wants to charge $1 I have to do transaction. I have a $20 min. which is going up to $50 right after this post. I had a representative field worker(Dept.of consumer Affairs) trying to find any issues in my place. NOTHING! But I took the liberty of asking him about C.C. minimum. As long as I have it stating the min. in large type. He said they all say that and the only recourse the C.C. company has is to revolt the use of their unit. Which we all know they don't want to go that route.
P.S. The reason I can't get the cost of rewards down is because the C.C. companys have smarten up and don't issued out cards saying "rewards"
Sign Up!