Turbs3000 Posted October 11, 2013 Report Share Posted October 11, 2013 Hey so I'm looking at switching our companies credit card processor, or at least shopping some rates. With the experience here in regards to similar matters I thought I'd pick some brains and get some of your thoughts/opinions/experiences. Yearly amt via CC: $250k - $500K. Currently with Huntington After including all the fees/charges we are right around 3.5% Quote Link to comment Share on other sites More sharing options...
Jackson1647545504 Posted October 11, 2013 Report Share Posted October 11, 2013 bitcoin Quote Link to comment Share on other sites More sharing options...
Lauren Posted October 11, 2013 Report Share Posted October 11, 2013 Face to face processing, over the Internet or phone sales? I used RBC before switching to square. I love that square is simple and fast. No contracts. No guessing what the % is going to be and funds next day into our account. It's mobile so I can swipe anywhere and I'm logged in on my cell, finances cell and our iPad. It's 2.75 % I believe. We have done between 150k-250k in sales without a single problem. I would never go back to the awful merchant service industry with leased terminals and varying swipes ever again. Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted October 11, 2013 Author Report Share Posted October 11, 2013 Face to face processing' date=' over the Internet or phone sales?[/quote'] 99% internet/ gateway processing. Entered by us not them. Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted October 11, 2013 Report Share Posted October 11, 2013 I know a guy that can help. Adam Johnston - (937) 408-7114 Quote Link to comment Share on other sites More sharing options...
Franchi Posted October 11, 2013 Report Share Posted October 11, 2013 Subbed for info. Been using Square and Paypal Here but always interested in alternatives.. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted October 11, 2013 Report Share Posted October 11, 2013 I think the newer reader ides such as Square and other banking ideas are great, but im not sure they are ideal for the kind of money that they are talking about processing. Quote Link to comment Share on other sites More sharing options...
Franchi Posted October 11, 2013 Report Share Posted October 11, 2013 (edited) both have worked well. Did have to call couple times to get them to up my weekly limit as both do have a rolling reserve amount. Edited October 11, 2013 by Franchi Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted October 11, 2013 Report Share Posted October 11, 2013 When I was in college I interned at Merchant Services. Seemed like a good company. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted October 11, 2013 Report Share Posted October 11, 2013 Ive been using http://www.skipjack.com we pump a decent amount through them Quote Link to comment Share on other sites More sharing options...
2highpsi Posted October 12, 2013 Report Share Posted October 12, 2013 I process through First Data. I read for hours to understand how the system works. Basically the short part is this: You get charged by your processor and the customers card company. You can't negotiate the charges on the customer's card end. They happen to be the higher charges. I got First Data down to 25 basis points. (.25%) + the charges on the other end. Then ask for a listing of what all cards charge how much broken down by transaction type. The cheapest is a debit transaction. On debit I pay $.01 + (0.35% of transaction amount) in total. Not too bad. Amex charges are the highest.... Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted October 14, 2013 Author Report Share Posted October 14, 2013 Basically from what I'm seeing, the price is made up of: Interchange fees- which is the interchange rate + cost per transaction. Fees- which are a bunch of nicknacky fees (service charge, gateway fee, batch fee, network fee) Service Charges- The service charges are the real killer in my mind. They are made up of volume fees and sales discounts. The minimal knowledge I have on this all tells me he interchange rates are those you cannot change. They are set by the banks/card issuers etc. Our cost per transaction is only $0.10 which doesn't seem too bad. I'd also be curious if anyone else knows what they are currently paying as an overall percentage, everything included; fees, address verification, interchange costs, statement costs, access costs. Obviously, technically some of those shouldn't be rolled as a percentage but it seems to be a decent measurement. That's the percentage for us that is about 3.5% Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.