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Credit Card Processor
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CraigE
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Joined: 07 Apr 2014
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Location: Sandusky, OH

PostPosted: Tue Dec 08 15 2:01 pm    Post subject: Reply with quote

Lol Harry,

As crazy as it sounds, I trust him pretty much. Now that being said, I will still require all rates/fees be explained in detail.
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Harry Nutczak
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Joined: 01 Mar 2007
Posts: 8558
Location: The Northwoods

PostPosted: Wed Dec 09 15 8:17 am    Post subject: Reply with quote

CraigE wrote:
Lol Harry,

As crazy as it sounds, I trust him pretty much. Now that being said, I will still require all rates/fees be explained in detail.


You may need to employ a few rocket surgeons from NASA, and Space-X, and some from the soviet union for that to happen!

The math behind that is a whole other rats nest.

You're going to see 15 different rates for a Visa card depending on what rewards program the cardholder is or is not enrolled in.

See, the card issuers lose no skin off their collective nutsacks with those rewards, that crap gets passed onto us, the retailer.

I look at my statements from mercury to try and figure stuff out, I do not have skills in advanced calculus, so then what I do is look at a block of card transactions, look at what the fees cost me, and get a general idea of the percentage that is taken away.

You've only found the rabbit hole, you have not peeked inside of it yet, just wait until you see what's really going on down there.
I bet you look at Square again and figure 2.75 + Per-swipe isn't quite so bad anymore
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Harry Nutczak
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Joined: 01 Mar 2007
Posts: 8558
Location: The Northwoods

PostPosted: Thu Dec 10 15 12:20 pm    Post subject: Reply with quote

Sort of on subject, but a different part of CC processing./

We finally got our E2E encrypted readers, and did all the driver updates, software updates, now all the terminals must run off one server terminal instead of independent card processing programs in each unit., a big pain in the butt.

Anyways, we accept chipped cards, NFC through phones, etc etc.
The cashier no longer has to handle a customers card, and if it is a chipped card. and the customer tries to slide the mag-stripe, the reader informs the cardholder to use the slot for chips.

A bit of a learning curve for the cashiers, but we less hassle on our end now, and protected from fraudulent cards way better now.

And, I was also able to have all of our gift cards to be used as loyalty cards now, so we no longer audit points internally, it has gotten handed off to our processor (no charge)
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cjschuckwagon
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Joined: 04 Aug 2007
Posts: 264
Location: northwest pa, but my heart is in avery california

PostPosted: Mon Jan 25 16 7:17 am    Post subject: Reply with quote

Just got new reader, square charges 2.75 add 1% if daily deposits(dont know how often you get paid otherwise)....50 bucks for reader. I start in the spring, ill let u know...cj
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Mr Tony's BBQ
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Joined: 01 Aug 2010
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Location: Fredonia Wi

PostPosted: Mon Jan 25 16 10:10 am    Post subject: Reply with quote

cjschuckwagon wrote:
Just got new reader, square charges 2.75 add 1% if daily deposits(dont know how often you get paid otherwise)....50 bucks for reader. I start in the spring, ill let u know...cj


That 1% is if you want it in your bank before they close the day you take in the charge. Mine is set to 8pm I believe, so I dont get the additional 1% charge. Its in my bank when I wake up the next morning. I personally cant see wasting the 1%
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cjschuckwagon
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Joined: 04 Aug 2007
Posts: 264
Location: northwest pa, but my heart is in avery california

PostPosted: Mon Jan 25 16 12:32 pm    Post subject: Reply with quote

Thanks tony,i agree 1% is worth keeping....penny saved and all that...cj
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Harry Nutczak
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Joined: 01 Mar 2007
Posts: 8558
Location: The Northwoods

PostPosted: Wed Jan 27 16 1:18 am    Post subject: Reply with quote

Be careful with Square, phone support is non-existent even if they advertise they have it.
And they will want your personal SSN on the account, so it may screw you come tax time
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