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Credit Card Processor
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Capt Jack



Joined: 13 Sep 2013
Posts: 21
Location: Southport NC

PostPosted: Fri May 30 14 10:42 pm    Post subject: Credit Card Processor Reply with quote

I am in the middle of selecting different vendors for a 100 seat place. Selecting a credit card processor is like selecting the best employee out of a group incarcerated for embezzlement. Well, maybe not that bad, but even after educating myself in the payment processor arena, I feel uneasy selecting one I feel is offering a good deal. I saw on this forum someone was signing with or was considering signing with Merchant Payment Services. I can not find the post. Hoping I can garner comments about them as a CC processing provider. No cost terminal, no batch fees, no contract, no cancelation fee, no setup fee and what appear to be very low rates on each tier of card type. Highest rate is on a M/V/Disc business card @ 2.06% + $.10.
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Harry Nutczak
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Joined: 01 Mar 2007
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PostPosted: Sun Jun 01 14 4:49 am    Post subject: Reply with quote

I started with Square with an iPad-2, I am now with Mercury Payment systems.

My only complaint is that I only see deposits to my bank account twice weekly, whereas Square was next day.

Merc. pay sys is integrated with my POS software, I simply mounted a magstripe reader on the monitor and activated it in a few keystrokes..
Merc. also processes our gift cards, and I am considering doing a customer loyalty program with them too.

If you are not buying 500+ gift cards at a time to sell, the gift cards are very pricey for custom designed. ($1.50 Each, my cost)

Customer support is great, and the web portal to check things in real time is nice too

http://www.mercurypay.com/
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qfanatic01
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Joined: 21 Oct 2009
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PostPosted: Sun Jun 01 14 12:24 pm    Post subject: Reply with quote

I started out with Mercury and switched to Heartland for better rates. We see deposits on a daily basis there. As for gift cards, I am going to look into a place I found at the restaurant show that offers cards with an internal program using an i pad. Cheapest solution for those I have seen so far. We currently print our own and must be signed by one of my family only. I have companies calling all the time. I do need to request a rate adjustment from Heartland. We process 90 plus % of our sales through credit and are low risk. They make a bunch of money processing our credit business.
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Mr Tony's BBQ
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PostPosted: Sun Jun 01 14 6:48 pm    Post subject: Reply with quote

We vend and do a lot of small sales, so I went with the Square Stand
$500.00 and I now am ipad savvy...have been android / windows all my life...no great difference to me, just a little different [ ipad on a fancy swivel with reader built in ] 2.75% for ANY card, but NO per swipe! Money in the bank next day.
Bigger sales may dictate your needing a lower rate, but the no per swipe is huge for me!
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Capt Jack



Joined: 13 Sep 2013
Posts: 21
Location: Southport NC

PostPosted: Mon Jun 02 14 9:30 pm    Post subject: Reply with quote

Thanks folks for the input. I have considered Mercury, and others. I don't think I can stand the limited deposits, I need deposits daily to maintain that level of cash flow. Square isn't possible, they have a limit on sales volume. I will blow through that on day 2. Gifts cards is something I need, but I can't see paying 1.50 for each, but may have to. I don't believe I will sell that many gift cards, but customers will decide that for me.

No one using a company called Merchant Payment Services, Inc. out of Dayton, Oh?
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Harry Nutczak
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Joined: 01 Mar 2007
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Location: The Northwoods

PostPosted: Tue Jun 03 14 2:00 am    Post subject: Reply with quote

Capt Jack wrote:
Gifts cards is something I need, but I can't see paying 1.50 for each, but may have to. I don't believe I will sell that many gift cards, but customers will decide that for me.


My gift cards were expensive due to my custom design, and only buying 100 units the first time around.
Their card art department did not impress me with how they phuQQed up my proofs so badly. So I was not going to spend a grand with them and get a pile of crappy cards.

I sent them .eps vectorable files, and they send me proofs with an orange facebook logo, wrong fonts, and illegible web and phone numbers. It took a call to a supervisor to get their heads out of their butts to copy exactly what I had provided.

Seriously, an orange FB logo? WTF!

Square works if your volume is low enough, and you do not mind using your personal SSN to have an account for your business. I exceeded their volume, and they required my personal SSN to be attached to an S-Corp. I cannot do that! I need biz and personal thoroughly separated for various important reasons. I am not an LLC, or a DBA, my biz is a corporation.
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SigSauerNY
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Joined: 14 Feb 2010
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PostPosted: Wed Aug 27 14 8:18 am    Post subject: Reply with quote

Look for a large direct processor like 1st data or merchant warehouse or try going direct to your local bank.


There is

Per item fee
amex and discover are usually in the 3% range
qualified, mid qual and non qual rates for credit and debit.
Not in person swipes (usually mid to non qual) but confirm.
Never pay a annual fee, pci compliance fee, statement fee over a couple bucks.
Never pay or lease a machine. They should be free.

Never leave a blank spot on a app and sign a large signature over the line and perhaps some of the wordage.

I like square etc because it eliminated the threat of shady salepeople.
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cjschuckwagon
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PostPosted: Mon Sep 07 15 8:59 am    Post subject: Reply with quote

Just signed up with square ,im hoping it is what it seems, not a lot of downside...ill let you know when i use it...
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feldon30
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PostPosted: Mon Sep 14 15 9:34 am    Post subject: Reply with quote

I am not a merchant or vendor, but at this point if you are going with a processor, I would insist on a reader with a CHIP reader. Otherwise you'll probably be on the hook to buy one again within the next year and get double-tapped in the wallet.
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Mr Tony's BBQ
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PostPosted: Mon Sep 14 15 5:16 pm    Post subject: Reply with quote

feldon30 wrote:
I am not a merchant or vendor, but at this point if you are going with a processor, I would insist on a reader with a CHIP reader. Otherwise you'll probably be on the hook to buy one again within the next year and get double-tapped in the wallet.


I believe its the law as of Oct 1 that I would be on the hook for any fraud / unauthorized use of card....Square doesn't have their readers out yet, but is assuming all liability for any fraud until shipments arrive providing one has one on order. I pre-ordered reader 2 months ago, a lot less than $100.00 from what I recall.
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Harry Nutczak
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Joined: 01 Mar 2007
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PostPosted: Tue Sep 15 15 12:01 am    Post subject: Reply with quote

Mr Tony's BBQ wrote:
feldon30 wrote:
I am not a merchant or vendor, but at this point if you are going with a processor, I would insist on a reader with a CHIP reader. Otherwise you'll probably be on the hook to buy one again within the next year and get double-tapped in the wallet.


I believe its the law as of Oct 1 that I would be on the hook for any fraud / unauthorized use of card....Square doesn't have their readers out yet, but is assuming all liability for any fraud until shipments arrive providing one has one on order. I pre-ordered reader 2 months ago, a lot less than $100.00 from what I recall.


Yeah, we all need encrypted readers or all fraud is then the merchants responsibility instead of the processor, And on top of that, merchants will get charged a compliance fee if they are not running encrypted readers.

We get screwed at every corner with CC transactions
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cjschuckwagon
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PostPosted: Tue Sep 15 15 6:28 am    Post subject: Reply with quote

49.99 square, due end of year....cj
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qfanatic01
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Joined: 21 Oct 2009
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PostPosted: Thu Sep 17 15 9:17 am    Post subject: Reply with quote

I got chip readers last year when I up graded.
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CraigE
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Joined: 07 Apr 2014
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PostPosted: Sat Dec 05 15 2:40 am    Post subject: Credit Card Vendor Rates Reply with quote

What exactly do these companies charge. I keep seeing "per swipe" fee is that on top of the interest rate they charge? What are the other fees so I can have an as accurate idea as possible when choosing a vendor.
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Harry Nutczak
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PostPosted: Sat Dec 05 15 3:23 am    Post subject: Re: Credit Card Vendor Rates Reply with quote

CraigE wrote:
What exactly do these companies charge. I keep seeing "per swipe" fee is that on top of the interest rate they charge? What are the other fees so I can have an as accurate idea as possible when choosing a vendor.


Rates are all over the place with processors, many will try to lure you in with free hardware, then butt-rape you with a multi-year ironclad contract where their rates are so high, you may be farther ahead financially by giving the card swiping customer free food instead of swiping their card.

Then wait until you see what a keyed-entry costs you.

For low volume, many people like square, but if you are running multiple registers, and have a higher volume, it isn't so good anymore, I used Square for a while, and have now been with Mercury-Pay for 4-5 years and happy with them
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CraigE
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PostPosted: Sat Dec 05 15 4:59 am    Post subject: Reply with quote

But do you want to pay per swipe, then you get a lower rate or do they shaft you both ways. My bank offers a card/chip reader and 2.5% per swipe if over $500 a month and 3% if inputted.
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Harry Nutczak
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PostPosted: Sun Dec 06 15 12:18 am    Post subject: Reply with quote

CraigE wrote:
But do you want to pay per swipe, then you get a lower rate or do they shaft you both ways. My bank offers a card/chip reader and 2.5% per swipe if over $500 a month and 3% if inputted.


Banks are typically the worst rates out of the group

If you want a flat fee like square, with no per-swipe fees, with AMEX rates not being outrageous compared to MC & Visa, you have the ability to negotiate these rates that you want,
Mercury immediately told me they'd do a flat rate for me, until I told them I am not looking to make a lateral move and got down to negotiating.

Think of arranging CC fees like buying a used car from "Diamond Jims" used car lot, except the used car salesperson will be more honest with you, even if he says the undercoating and paint sealant is free, and the extended warranty covers everything, anywhere.

Seriously, the card processing biz is that dark!

You may here someone say they have the lowest rates like 0.25%, but they fail to tell you that is on top of what they get charged by another company, and look into the details like reader lease costs where you could buy new each week and be better off

Funny this topic should come up now, since I just got my new encrypted MSR's with NFC tech shipped today, that was $600.00 I did not want to spend
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Capt Jack



Joined: 13 Sep 2013
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Location: Southport NC

PostPosted: Mon Dec 07 15 8:02 am    Post subject: Reply with quote

I went with Bob Becker, who wrote a great explanation how this whole merchant processing works. ALL fees I pay amount to 2-2.5% per month depending on what type of cards people use during that month.

Harry is exactly correct about the merchant processing business being dark and the comparison to used car sales is spot on. Most anything out of their mouths is making them money.

Read what he wrote on this website for an explanation how it all works. http://consultantmerchantservices.com/index.html
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CraigE
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PostPosted: Mon Dec 07 15 11:22 am    Post subject: Reply with quote

I appreciate the input, lol yet I'm still confused, well not confused but more nervous. I've discovered that Square is not for me. Considering either Mercury or my banker said he would match the rate. Hey, we live and I pray learn!
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Harry Nutczak
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PostPosted: Tue Dec 08 15 4:38 am    Post subject: Reply with quote

CraigE wrote:
I appreciate the input, lol yet I'm still confused, well not confused but more nervous. I've discovered that Square is not for me. Considering either Mercury or my banker said he would match the rate. Hey, we live and I pray learn!


Gee, Imagine that.
you mention better rates and the processor drops their pants on rates to get your patronage.

Shady or what?
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