Answers
I am looking for a new company to process my businesses credit card transactions. Can anyone tell me what company has the cheapest processing rates?
If you are truly looking for the cheapest solution possible you will need to integrate payment gateway software to your site and contact a large merchant bank that you have an existing relationship with, like BofA - Wells Fargo - Wachovia - Chase Paymentech. Then you will need to find someone willing to haggle with you. You should be able to get something like $0.10 and 2.05% for qualified Visa/MC transactions. If you don't want to integrate and locally maintain your own gateway, pay an additional $0.10 per transaction for a 3rd party hosted solution.
www.schemeofarrangements.com - An unbiased review site of Internet Credit card processing the Pro's and Cons , what to look for in internet ...
I want to sell my services through my website. which is the cheap & best credit card processing company other than paypal.
What about charge.com
Simple Payment Systems. The cheapest and best they come. Never ever heard of charge.com
I can't find them anywhere on the site or through numerous google searches. I'm looking for the rates for my smoothie shop doing $2-6 transactions in the range of 20-50 credit card transactions a day.
Any opinion on Costco or Bj's merchant services? They seem pretty cheap.
They probably don't post them because they change periodically and also want you to contact them so they can get their foot in their door and try to close the deal.
As a retail business your rates will be in the 1.60% range with a transaction fee around 20-25¢ with monthly statement fee of about $10.
Because your average ticket is so low you will want to make sure you get the lowest transaction fee possible for your merchant account. If you look hard enough you should be able to find one with a fee below 20¢ per transaction.
Use the rate/fee calculator below to figure out which rates are best for you.
I am interested in setting up this service for my auctions because it is cheaper than Paypal (although I'll probably still offer Paypal as well) and I can sell stuff under the mature audience section, which PayPal does not allow.
Has anyone used this service for their ebay auctions?
I use Simple Payment Systems. The software is free, and the discount rate is cheaper then PayPal, no annual fees either. Oh yeah and they train you free too.Shop around before you make a choice.
I was wondering if someone could explain to me, how credit card processing works a little. If I wanted to allow people to pay for a product on my website, how would I do this the cheapest for me? I know of services like paypal and authorize.net but they seem like they take too much money from me. Anyway I was looking around and my bank (TD Bank) looks like they offer similar services to paypal, etc. I want to know what the cheapest way is to go from online ordering with credit card to getting money in my bank account is.
Thank you!!
Hot said it best, you'd be lucky to get better then a 2% rate considering your type of business .If i were you I would do a lot more shopping around. check out more companies before making any decisions. I suggest checking out the websites below and giving them some information and compare the rates to paypal and other companies you've been looking at and take it from there. I've worked with three different credit card processors and the ones below are my favorite.
p.s. if any company asks for personal information like SS or credit card number, they don't need it until the application is being filled out.
CFIB Urges Caution in Signing New Debit Card Contracts and ...
For many years, my business has been a member of the Canadian Federation of Independent Business. We started out being part of something called the Retail Merchants Assocation — we were looking for cheap credit card processing rates — but couldn’t escape noticing the work that CFIB does in Ottawa (and provincially) on behalf of small business. If they haven't already, card processing companies will be approaching you to offer new equipment with chip technology to replace older machines. In many instances this updating is necessary for improved security. However, during this process, you may also be offered to expand your debit capacity to include MasterCard Maestro or Visa Debit. We urge you to carefully read your contracts to ensure you know all the facts before agreeing to such options. For example, it is our understanding that there are already two million Bank of Montreal (BMO) chip debit cards in the hands of Canadians. Through a practice called priority routing, if your machines programmed to offer the Maestro network, the machine will automatically process all BMO debit transactions through MasterCard's Maestro debit network. Interac would only be used as a backup. Currently debit merchant rates are quite similar between Maestro and Interac. However, international experience has shown that the entry of credit card companies into the debit card market has pushed out the domestic, low-cost debit network which is then followed by large increases in debit fees for merchants. As an example, average debit card merchant fees in the US are in the 60-75 cent range as a portion of the charge is based on a percentage of the sale (as currently exists for credit cards). It is our understanding that Visa debit's system will use a different process, but will prioritize transactions through its network, leaving Interac as a back-up.
News
American Express Turns a CornerMotley Fool - Oct 23, 2009
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UPDATE 1-Brazil's Redecard Q3 profit up 18 percentSA), Brazil's second-largest credit card processing company, said on Thursday third-quarter profit rose 18 percent on greater revenue from credit card sales Brazil stocks inch lower along with Wall Streetall 18 news articles »Bloomberg - Oct 23, 2009
CardSmart.co.ukFederal Reserve Chairman Ben S. Bernanke said Oct. 21 that speeding up the effective date of new credit-card rules to Dec. 1 from next year could create Capital One Reports Third Quarter Net Income of $425.6 million, or $0.94 per shareall 154 news articles »
Helicopter Association International - Oct 23, 2009
The Credit Card Accountability, Responsibility and Disclosure Act effective date would move from February 22 to December 1. Many in Congress are angry over and more »Wall Street Journal - Sep 30, 2009
AirTran Holdings Inc. has reached a deal to extend the maturity of credit lines and the length of credit-card processing agreements by a AirTran boosts liquidity, refinancesAirTran Airways bolsters cash positionAirTran Airways extends agreements with credit facility lender and largest - -all 305 news articles »Reuters - Oct 21, 2009
Chuy's Restaurants Sign with Fifth Third Processing SolutionsIn addition to credit card processing, Fifth Third Processing Solutions will also provide gift card processing for the locations. www.chuys.com "EffectiveBusinessWeek - Oct 16, 2009
on negotiating lower rates now San Francisco lingerie retailer Dollhouse Bettie negotiated better credit card processing rates to save $4000 a year. and more »
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