Credit Card Processing

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Mike@Everclear

Guest
Those of you that accept credit cards for payment.......what percentage discount rate are you paying? Has accepting credit cards had a positive impact on your business?



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Mike Hughes
Everclear
Souderton, PA
 

Tony Ward

New Member
I pay 3%. I don't know if that's high or not. It's been a long time since I shopped around. We don't get very much business from being able to accept credit cards (maybe 1 or 2 houses a month, sometimes less) but just the fact that we have the 4 major credit card emblems in our Yellow Pages ads along with the BBB logo, I think helps set us apart from other p/w businesses. I think it looks a little more professional.

Of course it says nothing about how good a job we do or don't do, but I still think it lends credibility.

It cost me close to $400 to get set up on all the stuff (AMEX, VISA, MC, DISC) and buy the equipment (which is really minimal) and I probably could have found a much cheaper way of doing it. I just had my bank do everything for me. They even sent someone to my office to set me up, instruct me, and help me get started.

Most of the homeowners who pay by credit card would probably have used us without the capability but I still think it's worth it. We did have a $6000+ job for the University that paid with a card and it was nice to have that money in my account within a day instead of waiting 6 weeks, but that's the only time that's happened, and again we would have done that job anyway. Supposedly more government entities are doing business with cards now. That was a first for me.

Tony

<FONT COLOR="#000080" SIZE="1" FACE="Verdana, Arial">[This message has been edited by Tony Ward on March 17, 2000 ]</font>
 
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Glenn

Guest
Mike,
I am in the process of getting set up now for credit cards. My yellow page adds just came out showing the major card symbols. I agree with Tony, that is why I decided. Most companies now use credit cards to pay for services. I figured if I were servicing a fast food chain for instance, doing my thing after hours in the middle of the night, I could bill to their card which I would have on file the next morning and fax a copy of the paid invoice to their office. I think it is just more convienent for both parties. My bank can set me up with the equipment like Tony has for about the price he quoted. However, I think I will opt for the software package they have for less than 1/2. They also will come out and install the software on my PC and demonstrate for me.
Glenn
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Mike@Everclear

Guest
Guys,

Currently, I am looking into a merchant account offered thru my Quickbooks Pro 2000 software. There are no setup fees, no equipment needed because it goes thru the internet, using your existing software.

They charge 2.52 percent.

Sounds like a good deal, but the only thing that bugged me was they said it takes 6 days to get the money in your account. How long do you have to wait?



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Mike Hughes
Everclear
Souderton, PA
 

Tony Ward

New Member
Mike,

It supposedly takes just a few hours to get the money directly deposited to our account but since my bank doesn't have online banking and I have to rely on the automated phone system to verify funds the soonest I can tell it's there is about a day.

AMEX is different though. We get a check in the mail from them minus the processing fee so it takes a good while longer but most people use VISA and MC.

I use quickbooks but not Quickbooks Pro. That sounds like a good deal since it would keep all the money straightened out for you, disounts and all.
 
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Glenn

Guest
Mike,
eek.gif

That sounds like a good deal. You may have just helped me also. I could probably buy the Quick books software for what I would pay for just the Credit Card software from my bank. That rate sounds good too. Are you sure thats not just a promotional rate? About how much will I pay for the Quick Books Pro?
Glenn
 
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Glenn

Guest
Mike,
Do they charge a monthy minimum, or any other hidden charges other than just the percentage rate?
Glenn
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Mike@Everclear

Guest
Quickbooks Pro 2000 costs about $170 to $200. Excellent program.

To find more about it, go to www.quickbooks.com.

More info about their Merchant Account service is at http://www.quickbooks.com/merchantaccount

The following is stated in "Frequently Asked Questions" in Quickbooks....I don't think this info is on their website...

How will I get paid for credit card transactions?
The process for funding your credit card transactions will be initiated on the sixth business day, excluding weekends and holidays, after you have submitted your sales transactions.

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Why does it take longer for me to get paid for credit card transactions?
Credit card transactions processed where the card and cardholder were not physically present at the time of the transaction carry a higher risk of fraud. The funding delay allows the financial institution an opportunity to review the daily activity prior to releasing the funds.


Regular fees from Wells Fargo for the QuickBooks Merchant Account Service include:

One-time setup fee $0.00
Monthly Internet service fee $0.00
Discount rate for MasterCard® or Visa® 2.52%
Per transaction fee $0.20
Monthly minimum processing fee $35.00

Special fees (charged when applicable) include:


T & E authorization fee $0.15
(for AMEX/Discover transactions)
Chargeback fee $15.00
ACH Reject fee $10.00

Terms, conditions, pricing, and service features subject to change.

For more information about Merchant Account Service fees for Wells Fargo, contact Wells Fargo at 1-877-461-2909.


I hope this answers your questions guys....I'm still not sure about the six day thing.....but, there are some definate advantages to this...



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Mike Hughes
Everclear
Souderton, PA
 

Bob Metzgar

New Member
We are paying 2.09%. We really do not use it very often. We do however have a government account that pays buy credit card which certainly beats the alternative of processing an invoice through the government accounting system. I agree with other posts that the symbols add proffesionalism to various advertising but I can still not attribute any new busisness to credit card acceptance.

Good Luck!

Bob Metzgar
Aqua Pro Cleaning Services
Townsend, DE

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Mike@Everclear

Guest
You have to be a previous Quickbooks user to get the $70 rebate. So, only the $20 rebate applies to most people

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Mike Hughes
Everclear
Souderton, PA
 

Tunatussle

New Member
Originally posted by Mike@Everclear:
You have to be a previous Quickbooks user to get the $70 rebate. So, only the $20 rebate applies to most people

Mike, a word of caution, be sure to get an
embossment of each card your customers present to you and that the date is proper.
Read the article on Chargebacks in your
agreement articles. It is your responsibility to prove a sale and all the customer has to do is call the his issuing
credit card company to cancel a credit. The money comes out of your account immediately and then a notice is sent to you.
 

rvagnoni

New Member
Mike,

Give me a call. I have some info. onthis that might help. Too much to list.

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Rick - Deck Care Plus
 

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