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Credit Card Processor = Legal Theft

F

fresh

New Member
The Vector Doctor said:
What about no card present transactions in which you must key in the card info? Same deal? When I looked into Paypal there is a fee in order to use the virtual terminal
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Square is 2.75% per swipe, or 3.5% + $0.15 for any keyed in transaction. It is def more per swipe than what I was paying, but not when you consider the all the additional fees I've been fighting. If I hadn't fought all the insane fees on my account, I would have paid almost 4% on total cc processing so far this year.

My time and sanity is also valuable. I really wish I could never accept cards, but I always use them, how can I expect my customers to lug around large amounts of cash if I'm not willing to?
 
anotherdog

anotherdog

New Member
What I really don't understand is why everyone pays into this racket. The technology is there to for the banks to transfer instantly and for next to nothing in costs.
Yet we have these monopolies who pirate a significant percentage of almost every transaction (lets call is a tax for now, though we know robbery when we see it).

Credit cards were valid before the internet and secure instant transactions, but now?
Lets be honest here, moving to cash only business these days would significantly dent most companies bottom line. THAT is the only reason we all pay off these guys.

I know when I pay the government a sales tax I'll see it back in roads, schools and pointless defense contracts, but credit cards? Are they owned by the Russian mob?

I expect there will be a "service fee" added because of that little rant.
 
thewvsignguy

thewvsignguy

New Member
Intuit for on the spot CC sales and PAYPAL for internet based sales.

Love Intuit but we have never received a invoice so I assume they are 100% honest. No complaints and as long as our internet works never an issue.

Had one little issue with PAYPAL a year ago but was cleared up within a few hours. Geez must have been with PAYPAL for at least 10 years now.
 
binki

binki

New Member
We use First Data via Sam's Club. After 1 year our credit union added Global Processing and they pitched us. We sent that to First Data and they removed the daily processing fee, the monthly statement fee and lowered our rates.

As long as we pass their PCI test we have no PCI fees. Otherwise it is $10/month.
 
Team Valhalla

Team Valhalla

New Member
By no means an expert on it, but one may want to be sure about one's belief or disbelief in the "PCI Compliance".

My understanding is that "if" you have cc numbers stored on your computer in some form or fashion, and you are the victim of being hacked or a virus that harvests those numbers, and those numbers are used, and it's traced back to you somehow as the source... not good.

I have a merchant service that get's their 1.3 percent and requested that I be PCI Compliant. Did what I was supposed to do - no big deal.

SP
 
visual800

visual800

Active Member
I do not take credit cards until paypal came along and it has allowed me to take a couple here and there, but reading about these compnaies makes me stay right where Im at. I might look into this Square thingy. Paypal will jack your account up also dont think they wont. Once I get money in paypal account it is moved directly into my account at bank to where paypal cant touch it
 
Mosh

Mosh

New Member
F the PCI deal. I get an e-mail everyday wanting some info for my PCI crap. Thinking on going square. What do I give for a reciept? just my printed invoice?
 
Pat Whatley

Pat Whatley

New Member
anotherdog said:
What I really don't understand is why everyone pays into this racket. The technology is there to for the banks to transfer instantly and for next to nothing in costs.
Click to expand...

I did A LOT of branding work for a gas station owner who was working on this. His plan was to set it up so that your bank account was tied to the coded strip on the back of your driver's license (alabama has them, I assume most other states do to).

He owned four gas stations and said the 2.5% they were paying was costing them over $100,000 a year. His ultimate goal was to get that rate down to .8%....half of that would go to the bank, half would go to him.

He'd gone as far as to have the card readers developed and the software was at a functional state. Several VERY large companies were interested. His biggest hurdle was going to be working it out with the banks. Banks make an awful lot of money on overdraft charges and nothing creates overdraft charges like the 24-48 hour waiting period between when a debit card transaction happens and when the money actually comes out of the account. I wasn't in on that part of the program but I did catch enough in passing to know there were going to have to be lawsuits and changes in banking laws before banks were going to allow a majority of their transactions to switch over to direct withdrawal. it was going to take time but he was confident it would happen.

Then he died. His estranged family and his wife took over the company. I never heard another word about the program. I would assume the family sold off the idea. It really was looking like they were siting on a potential gold mine. That's been a few years ago, I really wonder if it was bought up by VISA.
 
A

Absolute_Customs

New Member
fresh said:
"Continued Use of this account indicates acceptance of these terms." So I tell them I do not accept those terms, so my contract is now void. Their response? "OH, If you close your account we charge you $495." (Never mind the fact that my contract says $395 early termination fee.)

I do not think they understand how contracts work.
Click to expand...

When I first started I had a processor from Merchant Services (most likely same company, different name). They did the same thing to me a few time for the first couple months. Id look at my bank statement and there was $200-$300 missing. Id call, and they would refund it. I finally got tired of it and tried to cancel it. They told me I could not cancel even though I was looking at the contract saying there was a fee for early termination...I put a stop on their payments, closed my account, and quit paying. About a year later we settled for alot less then i owed
 
TheSnowman

TheSnowman

New Member
Just now reading through all this, but does Paypal or Intuit make a terminal? I refuse to do a cell phone swiper when I'm at my office. There's a restaurant in town that I've been to just once (for a reason) and when I paid with my debit, it literally took like 8 minutes for the four of us to pay with our cards on that dumb phone. Then I had to sign my name in the little tiny area, I couldn't get a receipt, and on and on. It was so unprofessional I said I'd never do that again.

We are with Elavon right now, which I believe is also Merchant Services, and it's really not bad. We got a smokin' deal from someone else that wanted us to switch, called them, and now it's almost nothing monthly. I think it's like $7 and then 3%. Sounds like paypal is cheaper, but I'm not willing to switch unless they've got a terminal. Plus, if I'm not in the office and someone comes by to pay, I'm screwed.
 
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