Accepting Credit Cards
- Thread starter livinlowkey
- Start date
Scottwax said:
You wouldn't, and you don't have to.
I feel like that is the wrong way to ask the question. The question should be, does adding the ability to accept cc's make for a better experience for my customer? Regardless of what your customers are used to, cards are more convenient. They are a time saver and often have fringe benefits for the users.
The cost is minimal, and easily recovered. 3.5% at worst, mine are closer to 2.5% on cc transactions (that 2.5% includes all fees and the lease on my equipment). A one-time 5% increase in your pricing is all it takes to forget about cc costs, forever.
WAS
Driven
MichaelM said:
I'd also like to throw something else in here that none of us have touched on, and that's your accounting records. Electronic transactions like credit card and interac are AWESOME for accounting purposes. They run through a 3rd party (whoever you have your merchant account with) before they hit your bank account. If you are ever audited by Revenue Canada / the IRS (depending where you live), it's a LOT easier to reconcile (and prove) electronic payments. When you're a strictly-cash business, there's definitely more suspicion on you.
Envious Eric
New member
anyone used the SQUARE yet? how do you like it? I am getting the droid soon, and will be adding the square!
WAS
Driven
Just watched the SQUARE demo, very cool device. Again, 3.5% transaction fees are so absurdly highy, but it's definitely a supremely cool device.
Envious Eric
New member
yeah its 3.5, but no transaction fee and no monthly fee...thats the part I like! I get asked once or twice a year if I take credit card. But this year, i am going to try and push the maintanence program, so the credit card option is a must!
maybe that will be negotiable!!!! LOL, yeah right. but on average from the few companies I have talked to about CC, its about 2% with $25/mth fee and .30 per transaction...all that can add up to more than 3.5%
maybe that will be negotiable!!!! LOL, yeah right. but on average from the few companies I have talked to about CC, its about 2% with $25/mth fee and .30 per transaction...all that can add up to more than 3.5%
WAS
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toyotaguy said:
Wait till you open up tthat fixed location of yours, you'll be swipping the plastic like there's no tomorrow :xyxthumbs
I think you guys in the USA pay more than we do up here in Canada. My merchant account is $10 a month, gets me 1.42% on Mastercard and 1.46% on Visa, $0.08 transaction fee. Based on your quote up there, then sure, 3.5% "and that's it" is totally the way to go, plus you're mobile with it (whether you need that or not). Just for me (having very recently done several hours of research and calling 10+ merchant account providers), both seem like high rates to me.
safetyman2010
New member
WAS said:
I don't know who your processor is but Moneris is charging me $35 a month for the terminal, 1.85% for visa/mc (2.5% is card is not swiped), up to 3% for "premium" cards and $0.09 per debit transaction. These companies are all bloodsuckers with AMEX being the worst (3% AND they held your money for up to 2 weeks last I dealt with them).
Thread back from the dead...I started my mobile detailing company last year...90% of my clientele pays with credit cards. I was using Intuits go payment but when I started using that there wasn't a reader available. Now there is a case by "mophie"...seems pretty cool but at a cost of like $180 or something. I signed up for Square (www.squareup.com) and it's been beyond wonderful. I've gotten two readers so far both for free. The second reader was a new and improved reader. Yes their transaction rates are a tad higher but it accepts all cards and the fees are still the same. Not to mention there is no monthly fee. Plus it's easy to keep up w/ (the reader). The app is simple and works effectively. I almost feel like it's an apple product in itself. The fact they have only been around for a year and are beginning to crush the competition. I can't wait to see what the future holds for Square. I'll stick w/ them
WAS
Driven
ShineShop said:
Moneris is horrible, IMO. I do agree with you that all these merchant account providers are bloodsuckers, and so are the credit card companies. You'd think they're ENCOURAGE merchants to accept their cards, so they can charge card holders more interest dollars. Agreed on Amex, they're very expensive.
Squareup is awesome, got my free card reader a couple days ago for my evo and used it that same day. My customer was blown away, he couldnt believe I was able to process the payment so easily from my phone. If your using android phone, you need this app. Rates are very fare in my opinion for all you get.
Envious Eric
New member
got the square and the app....yet to try it out but i will be charging a bit more to accept CC if needed
cash is still king imo
cash is still king imo
WAS
Driven
toyotaguy said:
Careful, you can get into trouble for doing that.
I'd love to use Square, I even have an iPad, but unfortunately they aren't setup for the Canadian market yet.
Alexshimshimhae
New member
really odd that this came out cause I was reading about it yesterday and was thinking "you know...I wonder if any autopians know about it"
lol the problem with the square app is that it's limited to 1000 usd of sales or something like that monthly? or something? (at least that's what I think I've read)
So I'm sure there are going to be something more geared towards larger volumes, but for now I think taking cash/cash equivs would still be best...
lol the problem with the square app is that it's limited to 1000 usd of sales or something like that monthly? or something? (at least that's what I think I've read)
So I'm sure there are going to be something more geared towards larger volumes, but for now I think taking cash/cash equivs would still be best...
WAS
Driven
Alexshimshimhae said:
If that's possible for your business. In the past 2 months, I haven't had a single customer pay by cash, all credit card and interac transactions.
Alexshimshimhae
New member
oof...those portable cc machines are expensive =[