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Archive 2012 · Lowest Fee Credit Card Processing Companies

  
 
marti.g3
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p.1 #1 · p.1 #1 · Lowest Fee Credit Card Processing Companies


For those who accept credit cards, what is the lowest fee company that you are aware of ? I'm looking to move from mine who is instituting some bogus fees which are unacceptable.
I currently use United States Bankcard Services.


Apr 07, 2012 at 12:41 PM
colinm
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p.1 #2 · p.1 #2 · Lowest Fee Credit Card Processing Companies


I gave up on traditional merchant services companies and switched to Square a couple years ago. No monthly fees, no inactivity fees, no statement fees, no mystery fees, no tiered discount rates, no contracts.

2.75% for swiped, 3.5% plus $0.15 for keyed, period. And it's in your checking account the next day.

Working traditionally, the lower your discount rate goes, the higher the rest of the fees are going to go. (And vice-versa.) Square's way less hassle to begin with and less money out of my pocket in the end.
Apr 07, 2012 at 03:39 PM
gheller
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p.1 #3 · p.1 #3 · Lowest Fee Credit Card Processing Companies


+ 1 for Square.

Totally change the financial side of my businesses (I have 2 and use it for both).

I even lost the swiper and they sent another free.

Awesome

greg
Apr 07, 2012 at 06:59 PM
marti.g3
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p.1 #4 · p.1 #4 · Lowest Fee Credit Card Processing Companies


I checked on square. Is square for iphones only or do they have a traditional swipe
terminal for my office ? I don't use iphones or androids. I only use a regular cell phone and will not pay the ugly fees phone companies want to use their phones and access the internet.


Apr 07, 2012 at 10:42 PM
graycat
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p.1 #5 · p.1 #5 · Lowest Fee Credit Card Processing Companies


I use Square over wifi using my iPod because I also do not want to pay the monthly data plan fees. What a great service!!
Apr 08, 2012 at 02:17 AM
marti.g3
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p.1 #6 · p.1 #6 · Lowest Fee Credit Card Processing Companies


graycat wrote:
I use Square over wifi using my iPod because I also do not want to pay the monthly data plan fees. What a great service!!


I read where if you have a "no card present" transaction over 1000.00 that Square will hold all funds for 30 days and you won't be able to process any other transactions until the 30 day period expires. You can process the card, but the funds get held for 30 days while Square verifies the card account.

I could never operate like that. I routinely have transactions of 2000.00 or more .
Apr 08, 2012 at 08:16 AM
markd61
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p.1 #7 · p.1 #7 · Lowest Fee Credit Card Processing Companies


Call Square to find out what the facts really are. We like Square but can't answer every question.
You may also check out Payanywhere.com. They had a very good presentation at WPPI.
Apr 08, 2012 at 10:26 AM
colinm
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p.1 #8 · p.1 #8 · Lowest Fee Credit Card Processing Companies


marti.g3 wrote:
I read where if you have a "no card present" transaction over 1000.00 that Square will hold all funds for 30 days and you won't be able to process any other transactions until the 30 day period expires.

That's not even remotely accurate. You can process any amount of funds at any time. If you're routinely entering card-not-present transactions, new accounts with no other arrangement made will deposit the first $1000 a week almost immediately and deposit the rest after a month hold. This isn't a Square practice; it's a Payment Card Industry practice. If you change acquirers, you'll run into the same thing.

With Square, as with other solutions, if you talk to them they'll work with you to find initial terms better for your business. But the default arrangement is not only standard, it's basically Net 30 with the benefit of an advance.

To explain it another way, up to $52,000 a year will be deposited almost immediately as a new account by doing nothing but signing up. If you need more, you can always talk to them.
Apr 08, 2012 at 12:33 PM
marti.g3
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p.1 #9 · p.1 #9 · Lowest Fee Credit Card Processing Companies


colinm wrote:
That's not even remotely accurate. You can process any amount of funds at any time. If you're routinely entering card-not-present transactions, new accounts with no other arrangement made will deposit the first $1000 a week almost immediately and deposit the rest after a month hold. This isn't a Square practice; it's a Payment Card Industry practice. If you change acquirers, you'll run into the same thing.

With Square, as with other solutions, if you talk to them they'll work with you to find initial terms better for your business. But the default arrangement is not only standard, it's basically Net 30...Show more →

Thank you. I was checking our payanywhere also and they seem really easy to set up and use.
And these processes completely take the place of traditional credit card processing companies using traditional swipe machines ?

I don't have an android or iphone but do have a touchpad. Can I use that to process my transactions ?


Apr 08, 2012 at 12:38 PM
marti.g3
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p.1 #10 · p.1 #10 · Lowest Fee Credit Card Processing Companies


So any Android tablet will work with these companies ?


Apr 08, 2012 at 03:51 PM
gheller
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p.1 #11 · p.1 #11 · Lowest Fee Credit Card Processing Companies


Hi Marti

give me a moment to see if the app is available on my android tablet...

greg
Apr 08, 2012 at 03:53 PM
gheller
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p.1 #12 · p.1 #12 · Lowest Fee Credit Card Processing Companies


The app is available, so I think it will be fine. I will try a test payment a bit later on to confirm.

greg
Apr 08, 2012 at 03:54 PM
gheller
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p.1 #13 · p.1 #13 · Lowest Fee Credit Card Processing Companies


Hmmm, may depend on the specific tablet:

"Note that, while Square may work with some Android tablets, they are not yet officially supported, and we cannot guarantee compatibility with any specific tablet. Square Register will not work with any Android tablets and is exclusive to the iPad at this time."


(from this link):

https://help.squareup.com/customer/portal/articles/156594-what-devices-do-the-square-apps-work-with-
Apr 08, 2012 at 03:56 PM
marti.g3
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p.1 #14 · p.1 #14 · Lowest Fee Credit Card Processing Companies


gheller wrote:
Hmmm, may depend on the specific tablet:

"Note that, while Square may work with some Android tablets, they are not yet officially supported, and we cannot guarantee compatibility with any specific tablet. Square Register will not work with any Android tablets and is exclusive to the iPad at this time."

(from this link):

https://help.squareup.com/customer/portal/articles/156594-what-devices-do-the-square-apps-work-with-

Thanks for the update. Im also lookiing at payanywhere.com. They seem to be very reasonable and easy to start up.


Apr 08, 2012 at 04:11 PM
gheller
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p.1 #15 · p.1 #15 · Lowest Fee Credit Card Processing Companies


Also check PayPal. I use them for both of my businesses and they recently added a "square-like" service. Not sure if it can be used independently or with a tablet:

http://news.cnet.com/8301-1023_3-57398135-93/paypal-takes-on-square-with-credit-card-swiping-device/

greg
Apr 08, 2012 at 04:38 PM
gridironphoto
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p.1 #16 · p.1 #16 · Lowest Fee Credit Card Processing Companies


marti.g3 wrote:
I read where if you have a "no card present" transaction over 1000.00 that Square will hold all funds for 30 days and you won't be able to process any other transactions until the 30 day period expires. You can process the card, but the funds get held for 30 days while Square verifies the card account.

I could never operate like that. I routinely have transactions of 2000.00 or more .

I talked to Square about increasing the minimum amounts without a hold. I filled out a form that was much like a resume that listed years in business and anything that would give my business credibility, like awards, publications, etc along with some financial information and they raised my hold amount significantly (I think its $5,000). Even if you get money put on a hold, you can still charge. I cannot remember if they just hold transactions over the minimum, or everything past that point.
Apr 08, 2012 at 06:37 PM
marti.g3
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p.1 #17 · p.1 #17 · Lowest Fee Credit Card Processing Companies


gridironphoto wrote:
I talked to Square about increasing the minimum amounts without a hold. I filled out a form that was much like a resume that listed years in business and anything that would give my business credibility, like awards, publications, etc along with some financial information and they raised my hold amount significantly (I think its $5,000). Even if you get money put on a hold, you can still charge. I cannot remember if they just hold transactions over the minimum, or everything past that point.


So I will be able to complete transactions with Square using my android tablet ? And that's it ? Both swipe and manually enter ?


Apr 08, 2012 at 07:43 PM
gheller
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p.1 #18 · p.1 #18 · Lowest Fee Credit Card Processing Companies


I just tried it (launched the Square App and inserted the card reader) on my Acer Iconia A100 tablet and it worked like a charm.

HTH

greg
Apr 08, 2012 at 08:22 PM
marti.g3
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p.1 #19 · p.1 #19 · Lowest Fee Credit Card Processing Companies


gheller wrote:
I just tried it (launched the Square App and inserted the card reader) on my Acer Iconia A100 tablet and it worked like a charm.

HTH

greg

Thanks Greg. That sounds like the ticket to lower fees !
Apr 08, 2012 at 09:36 PM
peter1brown
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p.1 #20 · p.1 #20 · Lowest Fee Credit Card Processing Companies


Depending on the type of business you have or process by which you transact sales, you will find there are quite a few common types of merchant accounts you can use. First of all, there is the card present account which means the card itself is present at the time of the transaction and is swiped on the processing device. This is also known as a very low risk type of account since card holders are present when the card is swiped and the transaction is completed.
Jun 21, 2012 at 07:54 AM
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