Merchant Credit Card Processing

I have been offered a job with AmericaOne credit card merchant processing services. They paint a fantastic picture of how much money you can make. I just want to know what the catch is--are there any pit falls I should be aware of???

you want to be mindful of any catches with collecting the residual. Is there a minimum # of accounts you need to board each month/year? Are they paying residual on ALL streams of income? I would be more than willing to read over the paperwork for you, as I am currently in the industry and have worked for several processors. My email is gregg@processpremier.com and phone is 866-725-8500 x 104.

Greg

2009-04-29 13:38:38 by rjfont16

www.elementps.com Credit card processing fees shouldn't be a mystery. Watch to learn how actual Visa and MasterCard fees can clearly be ...

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.

2008-12-28 00:32:18 by skater4fundude

Price: $39.95

Low monthly fees, no monthly minimum, no long-term commitment
LIVE Technical support available 24/7/365
Accept all major credit cards anytime, anywhere

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.

2008-07-03 17:57:32 by Kitty

Price: $79.95

Works with free Intuit GoPayment iPhone app; low monthly service fees
Credit card data is immediately encrypted once the card is scanned via your iPhone; you'll get authorization in seconds
Digital signatures; e-mail or text message receipts; sync account information with QuickBooks

In short, what confuses you or makes you mad about processing credit cards?

I have a series of presentations that I will be performing over the next few months in various communities for Chambers of Commerce, Industry Associations, Econ. Clubs, etc. that will be addressing Merchant-Credit Card Processing issues. I have a great deal of educational information about processing in general and will be able to share the experiences of many merchants, but I am sure there are countless other experiences, thoughts, questions and concerns that merchants have throughout the U.S..

I would appreciate input that anyone has regarding merchant processing whether it be face to face, MO/TO or e-commerce. Good experiences, bad experiences, unique situations, dishonest sales practices, what aspects of service and support are important to you, what your perceptions of merchant processing are, anything that is confusing to you and anything else that you can think of.
Taking the Mystery Out of Credit Card Processing
Part 2 - Understanding How Fees Are Assessed

In Part 1 of this series, “What is a Merchant Processor?”, we defined what services a merchant processor actually provides and why fees are assessed for these services. Part 2 is dedicated to explaining the basis for the fees that merchants pay for processing services.

As previously stated, Visa and MasterCard, the card associations, receive the majority of the fees that merchants pay for their processing services. The remainder of the fees, or the margin, is what the merchant processor receives. The card associations have designated over 240 different card categories that each merchant processor must recognize and process. Every merchant processor, no matter how big or small, is charged the same rates and fees by the card associations and every merchant processor differentiates each card category utilizing exactly the same card category name as designated by the card associations.

1. Fees -- explain in plain simple English the fees. Merchant account bills are worse than telephone bills in terms of the fees that you find

2. Chargebacks -- what are the recourse of the merchants? Once a customer complains, a chargeback is immediately filed irregardless of the fact that the amount was refunded. This month, we had a case where we got slapped with a $20 chargeback fee for a transaction that we refunded a day after the transaction came in due to suspicions of credit card fraud (our hunch proved correct). But we were already charged with the chargeback fee and our merchant account provider does not want to refund us.

2006-06-14 16:40:20 by Jason Bordeaux

Being a provider of the service – I will keep this more informative and less of an advertisement.

There are two basic pricing models in the payments industry – that know as bucketed or tiered (Qualified, Mid-Qual, Non-Qual) and Pass Thru (standard surcharge to actual InterChange – InterChange is the published fee schedule of the monies paid by the Acquirer of the transaction to the Issuer of the card – for those of you who don’t know – the issuer of the card gets the lion’s share of the transaction costs. InterChange has approximately 150 categories with specific rates based on card type/transaction type – thereby its rarely understood by a merchant, let alone a bank).

The first model – bucketed/tiered – encompasses two types of presented rates… Blended and unblended (referring to the off-line debit versus standard consumer cards – Blended is a single rate for both, the Unblended has a much lower rate for the off-line debit cards versus the consumer cards). The Blended rates tend to be in the 1.59% - 1.74% with a corresponding transaction (per/item) fee of $.20 - $.28. Blended rates are not advantageous due to the majority of the volume / transactions are the off-line debit cards. The Unblended rates will range from 1.14% - 1.28% for off-line debit, and 1.69% - 1.81% for Consumer cards. The moral of the story here is that both Visa and MC state that the off-line debit (on-line debit requires a PIN number entered and does NOT run through the bankcard system) cards make up better than 55% of ALL transactions, out pacing the consumer cards by about 3X to 4X. Again here, the transaction (Per/Item) fee range between $.18 - $.28. My organization offers 1.16% / 1.71% plus $.20 per item. The bucketed/tiered always have downgrades for certain card type / transaction type combinations (such as key entered transactions) which are referred to as mid and non qualified transactions.

The second model is InterChange Pass Thru and typically ranges from 25-45 Basis Points plus $.08 to $.15 per item on top of InterChange costs. An easier example is the Visa CheckCard (off-line debit) which is 1.03% + $.15 (this is the InterChange fee which is paid to the issuer of the card) on checkcard plus dues/assessments (this is what Visa actually makes) of 9.25 basis points. So you add up the interchange cost, the dues and assessments, and the pass thru costs of basis points and per item charges… There are many categories related to card type / transaction type – and your rate would be the actual interchange / dues / assessments cost plus the surcharge amount. We offer 30 basis points and $.08.

If you have larger volume (>$25,000 V/MC/Disc per month), the Per Item charges drop to $.035 if you process via IP (internet based) for all of the pricing models.

Those are the rates… As to the fixed fees… There are all kinds of fees levied against merchants – from statement fee, maintenance fee, annual fee, minimum fee, gateway fee, AVS transaction costs, WATTS transaction costs, etc… In our case – we have a $5 statement fee with optional fees for the gateway (if you need it for ecommerce or recurring billing).

Many – including us – will provide free equipment or software to use – no cost to the merchant. This covers terminals, PC software, gateway interfaces (java terminal, recurring billing, shopping cart, QuickBooks plug in, mag strip reader)…

Hope that helps.

2007-11-04 21:05:48 by oceanbound