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#156233 04/08/05 01:09 AM
Joined: Apr 2005
Posts: 11
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sjb Offline OP
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Hi all - I've been researching merchant accounts that enable a small company to accept credit cards and right now am looking at Electronic Transfer, Inc.

But, just wondering if anyone here accepts credit cards and if so, using what company?

Thanks

Joined: Dec 2004
Posts: 1,064
D
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I do not, but I have heard from some guys that do, that is is a great selling point.

Some folks (contractors) also have their own financing available to customers, who in turn pay a higher rate, but once again, it is a great selling feature to some.

Joined: Oct 2004
Posts: 135
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I never thought about having yourown financing, interesting. How would that financing be secured? Strict contracts and court cases if they default, or using a finance company?

Joined: Dec 2004
Posts: 1,064
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I do not know how they do it.

I would imagine some underwriter and financial institution would be involved.

It sounds like a great marketing tool.I would think a customer would go for more things thinking $140/ month vs 4 or 5k up front. Or however it works out.

Plus the advantage would be a constant cash flow, predictable to an degree.

Now, like you stated, how many go into default is an issue.

Joined: Apr 2005
Posts: 42
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We accept credit cards and are getting set up for financing for our customers. Fisrt of all, it is very easy, just call your bank. Secondly, it takes the risk from you of getting paid. The card company pays us and the customer is liable to their card company. Remember, they are paying with their card and your account just receives the payment. Keep in mind there are fees so it is not free. Fees are such as % per transaction, statement fees, minimum charge/month, etc. Shop around, there are some good deals.

For financing you can do the same thing. Call your bank. There are also dommercial finance companies that might work with you as well. As far as this being a much hire rate, it is usually less then credit cards.


Have a Blessed Day,
Rick Bruder
Joined: Jan 2005
Posts: 315
L
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I seem to think I saw something about Nextel being able to accept the cards right on the spot . Anybody checked into this yet ?

Joined: Oct 2004
Posts: 135
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Maybe I'll check into the financing. Would be a great way to sell without worrying about getting paid if the bank or finance co. handles defaults. Also would be one less excuse customers could use as to having the work done now or in 6 months.

Joined: Apr 2005
Posts: 11
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sjb Offline OP
Member
Hi again,

My sister-in-law and her husband do financing (not electrical - Tree Removal, etc.) - but they are also looking into credit cards.

We've had enough inquiries from customers for me to research accepting credit cards. Seems to me that with fewer but bigger ticket charges (versus a store selling doo-dads for small change) that the fees could even out. It could also be helpful for commercial work as so many companies have American Express cards.

Anyway - thanks for the info about financing - I'll be looking into that again, too. But, if anyone does accept charge cards, I'd appreciate learning with what company and if you are happy with the service. I am interested in the online services. I've read many places that banks tend to charge a higher percentage per charge. Although, I guess I should check with our bank just to make sure.

Thanks again

Joined: Oct 2004
Posts: 135
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LK, does the credit card co. that you use have additional charges if you use it less, or are slow for a few months? Do you need to set up different companies for MC, Visa or is it just one setup and monthly fee?

Joined: Apr 2002
Posts: 914
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Quote
I seem to think I saw something about Nextel being able to accept the cards right on the spot . Anybody checked into this yet ?
We use the Nextel service. It's actually a company called Creditel that processes the charges and sells you the machine (Power Swipe) that attaches to a Nextel phone. The cost is $10 per month and 1.81% with a $15 min. You can find slightly lower rates, but they usually have highr minimum charges and requirements. For mobile processing, this is the least expensive. The Power Swipe was about $250 and I couldn't find any other mobile unit for less than $1000. You can always do paper processing, but you get lower rates if you can swipe the card and you get your money faster.

We have found that some customers will spend more if they can charge it.

[This message has been edited by Electric Eagle (edited 04-09-2005).]

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