Off Topic: Credit Card Processing Fees., Help me understand. Options

[Series9]

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%.

[aircooledtechguy]

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. . .