Accepting Credit Cards

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sparky76

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So Cal
Had a good residential customer ask if I would take his American Express so he could get the miles. Who here is set up to accept the major credit cards? How difficult of a process is it and what are the fees? I'm talking about Visa, Mastercard and AE.
Thanks in advance.
 
When operating my business, which I have since closed, I did accept credit cards. I had a mobile device provided by a credit card company, that could scan the card, verify acceptance and print out a receipt for the customer. At the end of the day I would upload the days receipts and the money would be deposited in my account in about three days.

Fees ranged from 2% -6% which you can figure into the cost of your business. Didn't accept Discover, their fees were too high at the time.
 
Credit Cards

Credit Cards

I recently began accepting credit cards. I went through a company on ebay. I got the wireless terminal that has a cellular modem built-in. There are fees for each transaction (1.5-2%), plus a statement fee, and a few other fees. It basically costs me about $50/month just to have the service. The thing works great though. The money is deposited in my account usually within 2 business days. If you're doing much service work I think its a must-have these days.
 
In six years I have had 3 customers ask me if I take plastic. answer no. If they need to use plastic they can run to the bank and take a cash advance and pay the fees.
 
sparky76 said:
Had a good residential customer ask if I would take his American Express so he could get the miles. Who here is set up to accept the major credit cards? How difficult of a process is it and what are the fees? I'm talking about Visa, Mastercard and AE.
Thanks in advance.
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We had it up until a few month ago the rates were decent, then last year the big guys started buying the small merchant service companies out, they started charging all kinds of service charges and it became very expensive to continue, they just let greed take over, so we stopped, customer can get a cash advance, if they need the funds.

Miles is a real smake oil, the customers, and merchant pays for them in the form of hidden service charges, and higher credit rates, but some want to believe that Santa is real, and there is a free lunch, the credit industry has been able to market service price gouging, and unfare intrest rates, by making some feel they are getting something for nothing, the purchases they made or the charges they put on the card, had a built in hidden charge, wich the merchant passes on to all the consumers, why do we let them play us for suckers?
 
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Shoot. I can't reckollect if'n I've even been
asked if I took that newfangled plastic money.​
 
I use a service called accept by phone run by Kevin Cross.

www.acceptbyphone.com

It's set up for professionals (lawyers, electricians, plumbers, etc..) that accept the occasional credit card.
There's an initial setup charge and then it's $5.00/month plus 3.95% of the sale. I call the cards in on my cell to an automated system that authorizes them right away so you know if it went through before you even leave the customers home. I have used it for about a year now and have processed around twentyfive CC sales. No complaints yet. I called the help number when first starting it up and actually talked to the owner (Kevin Cross) himself. He is very accessible. I accept Visa, MC, and Discover. I have never been charged more than what they told me from the get go.
 
Generally speaking you'll get an account for each type of card you accept. It might be different for the small guys. Find your nearest Avon lady and ask her. :^P

We use Moneris as our processor. (one of the main ones in Canada) Basically we have two fees: equipment and merchant. Equipment is easy, we pay a flat monthly rate on each machine (we primarily use hardwired IP terminals that are $12/mo each; wireless is rediculous)

Merchant fees may be negotiable. In our case we managed to get them down to 1.2% (I think?) Then again we do a couple million a year in credit card transactions so they're still skimming tens of thousands in profit...

Even with all those transactions we still only have a handful of disputes. Basically you need to show two things: Cardholder's signature (duh) and proof that the card was physically present (either swiped or embossed imprint)
 
tmbrk said:
I use a service called accept by phone run by Kevin Cross.

www.acceptbyphone.com

I have never been charged more than what they told me from the get go.
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Give them time, once they get in your pants, and have your bank on electronic payment, after a few years, they will slowly raise the service rates, and the discount rates, if you do more business with them they just see more to get from you. When we started off, everything was fine, we din't even notice the small increases and charges until we caught them on the bank statements.
 
satcom said:
Give them time, once they get in your pants, and have your bank on electronic payment, after a few years, they will slowly raise the service rates, and the discount rates, if you do more business with them they just see more to get from you. When we started off, everything was fine, we din't even notice the small increases and charges until we caught them on the bank statements.
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Were you with http://www.acceptbyphone.com/?
 
satcom said:
Give them time, once they get in your pants, and have your bank on electronic payment, after a few years, they will slowly raise the service rates, and the discount rates, if you do more business with them they just see more to get from you. When we started off, everything was fine, we din't even notice the small increases and charges until we caught them on the bank statements.
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I hear ya. I just accept the fact that eveyone is going to raise there rates at some point. I just try to be vigilant. If it gets to the point where it's not worth it to us anymore...Adios. Plus I have a secretary that scrutinizes evreything and asks alot of questions.(My wife.)
 
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