2007-03-21 11:20:40 · 5 answers · asked by Alberto Cinco 3 in Business & Finance ➔ Small Business
There are flat monthly fees from the bank, plus 2-4% of each transaction. The fees are lower when you swipe the customer's card versus when the number is phoned in or taken over the internet. Different companies charge very different fees, so do a lot of shopping around to find the best deal for you.
2007-03-21 11:30:30 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
Credit Card processing can be expensive an quite maddening to start ups. Many of the startup companies we consult tell clients that they do not process credit cards so they can save the consumer money. Depending on your product or service, you may or may not be required to use them. If you are in a business where consumers are accustomed to paying by check or cash, you should be allright. If financing is common however or if your typical client will not pay all at once, you may want to consider speaking with your banker about providing this service.
2007-03-21 18:29:43 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
there is usually credit card %, transaction charge, monthly statement fee, debit fees (if you accept debit card) and all sorts of charges. Like anything else you have to shop around to get best rates, REALLY. I use Bank of America merchant services. Seem to have best rates and also get free credit card receipt papers (receipt papers espically thermal papers are expensive). You have lot of small processing companies out there, but usually these guys are middle companies that works for, or pass over your process to big banks like BOA. So I went with BOA so there wouldn't be a middle companies take cut which lowers my processing fees. Call your bank if it's big national bank like BOA. They have merchant service for small business. Like I said these middle companies usually pass your transaction to the big banks and add there fees to it.
2007-03-21 18:34:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends you can do it through paypal online for not too much.. I recomend using quickbooks and using their software to accept creditcards...it links your invoices into your customers etc. It's a pretty slick system. It costs about $20 a month plus a certain percentage of the sale
2007-03-21 18:55:09 · answer #4 · answered by aroundtheom 3 · 0⤊ 0⤋
Take your total costs and divide it by your total credit card sales to get a true discount rate. I would look for something around 2.1% to 2.25%.
2007-03-21 18:30:34 · answer #5 · answered by BD in NM 6 · 0⤊ 0⤋