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> Off Topic: Credit Card Processing Fees., Help me understand.
Series9
post Mar 30 2012, 11:17 AM
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I have a CC processing service that allows me to swipe cards on my iPhone. I love the service, but the fees are killing me.


Who can explain ACH processing? My bank account is getting hit all the time with this fee and there is no tracking number attached to it. It can be like $50 a couple of times a month.

I need to fix this. When all the fees are taken into account, I'm paying like 15%.
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SLITS
post Mar 30 2012, 11:25 AM
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Taking credit cards costs money .... while it used to be in the 3 - 4% range of the sale price, it is now 10 - 15% last I heard and could be higher with American Express being the highest as always.

Small merchants get hit with high percentages ... large merchants get better rates.

You make money ... they make their money ... Capitalism at it's best.

The fees are why some will not accept credit card payments ... maybe they lose business too. We do not accept credit cards.

Think eBay ... most everyone bitches about their fees, but that's how they make money.

Your choice ... don't accept them, raise your price to compensate or tell your customer you are going to add the percentage of the sale to the total bill if they use it.
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poorsche914
post Mar 30 2012, 11:26 AM
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PayPal is coming out with a phone card swiper. Only 2.7% per transaction.
Also, I think Intuit has a phone swiper with reasonable rates.

(IMG:style_emoticons/default/driving.gif)
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TheCabinetmaker
post Mar 30 2012, 11:26 AM
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Just don't take them. I trade with lots of suppliers who don't take them anymore just for that reason. My wholesale lumber supplier refuses them. They cost them more than small profit margin. they work on large scale sales, so profits are smaller.
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kevin311
post Mar 30 2012, 11:28 AM
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Try this I have been using it for about a year with no wierd fees. Just a flat rate for each transaction. Works like a charm and the reader is free.


https://squareup.com/

Kevin
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Series9
post Mar 30 2012, 11:31 AM
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QUOTE(kevin311 @ Mar 30 2012, 01:28 PM) *

Try this I have been using it for about a year with no wierd fees. Just a flat rate for each transaction. Works like a charm and the reader is free.


https://squareup.com/

Kevin



So that's it? 2.75% per transaction and nothing else?
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kevin311
post Mar 30 2012, 11:33 AM
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I've never seen anything else and I watch my accounts like a hawk! (IMG:style_emoticons/default/beerchug.gif)
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biosurfer1
post Mar 30 2012, 11:37 AM
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looks like Square is a good option, but their customer service sucks:

http://www.cardpaymentoptions.com/credit-c.../square-review/
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Rand
post Mar 30 2012, 11:43 AM
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Square is cool. I love it that you can take cards anywhere, events, swapmeets, etc. Glad to see Paypal is going to give them some competition. Hopefully that keeps the rates down and service quality up.
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Series9
post Mar 30 2012, 11:44 AM
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OK. I just figured out that "ACH processing" is a generic term to note that a payment was made. It later fills in with the tracking info.

I thought it was a CC fee, but I was wrong.

Deep breath. It looks like I'm paying 1.6% + about $29 per month.
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kevin311
post Mar 30 2012, 11:44 AM
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Wow, I never saw that! I have nver had any issues with it, but my biggest transaction was about $500 and I have never had to try and contact them.
Thanks for the heads up, I'll be wary of using it over $1000.
Kevin
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ChrisFoley
post Mar 30 2012, 12:31 PM
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QUOTE(Series9 @ Mar 30 2012, 12:44 PM) *

Deep breath. It looks like I'm paying 1.6% + about $29 per month.

There are also added fees for processing payments from people using a company credit card or a "cashback" card. You'll pay them but never get to see what the percentage is or whose card created the extra charge.
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euro911
post Mar 30 2012, 12:58 PM
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Short term, you're stuck, but long term, you can write off any charges as cost of doing business.
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balljoint
post Mar 30 2012, 01:06 PM
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We pay something like 1.75%, but only MC and VISA. The merchant services provider will give discounts to you if you are a member of a larger group, such as a Chamber of Commerce.

As for fancy wireless and newfangledness, I wouldn't touch it unless I really needed it. I don't even have a terminal, just software on a PC.
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no1uno
post Mar 30 2012, 03:41 PM
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Rates are also usually more if the card is not present. For instance, if you take payment over the phone instead of swiping their card at your terminal. Loyalty/Points cards are also priced higher. The merchant pays for the customer's rewards. I love to rack up points myself but I hate it when a customer wants to use a credit card.
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burton73
post Mar 30 2012, 03:53 PM
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With Square you cannot take a card from out of the country. No Canadian customers.

Bob
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biosurfer1
post Mar 30 2012, 05:06 PM
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QUOTE(burton73 @ Mar 30 2012, 01:53 PM) *

No Canadian customers.


Why would you want any? (IMG:style_emoticons/default/poke.gif)

(IMG:style_emoticons/default/biggrin.gif)
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aircooledtechguy
post Mar 30 2012, 06:12 PM
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I've considered not taking cards, however, so many people pay with cards these days, that it's just the cost of doing business.

I have my processing through Costco and I like it. If you're paying 29.95 a month +a %age of the swipe your getting (IMG:style_emoticons/default/sheeplove.gif)

No need to pay that much. As Chris said, literally every card has a different rate, so the only way to know is by pouring over your statement and seeing what each swipe cost and do the math.

A lot of places are adding a 2% or 3% surcharge on all transactions to cover the majority of these fees. I'm considering that myself when I figure even with my 2-bit operation I loose about $1K a year in these fees!!! It's the customer who ends up paying these in the form of higher prices on everything.

CCs are a PITA, but part of being in business. . .
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76-914
post Mar 30 2012, 06:22 PM
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I use INTUIT. 2.7 if swiped and 3.7 if entered manually.

Edit: Joe, different business' different rates. Call them and tell them what $ volume. They'll give you a rate quote.
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