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Re: Credit Card payment processors [Re: PE&Master] #166952 08/02/07 11:52 AM
Joined: May 2007
Posts: 46
Samurai Offline
Member
I think I'll be dropping mine - I have the same $10/mo rate but a good 90+% of my customers would rather write a check - out of the checks i've only had one "bad" one and they cleared it up in cash shortly after (the IRS had frozen their accounts)

Business, Office, Estimating, Legal:
Re: Credit Card payment processors [Re: Samurai] #166955 08/02/07 02:28 PM
Joined: Jan 2003
Posts: 1,429
L
LK Offline
Member
Originally Posted by Samurai
I think I'll be dropping mine - I have the same $10/mo rate but a good 90+% of my customers would rather write a check - out of the checks i've only had one "bad" one and they cleared it up in cash shortly after (the IRS had frozen their accounts)


You may be missing the real value of accepting credit cards, customers will tend to have more work done, when they find out you accept them. it can increase you business, and your income.

Re: Credit Card payment processors [Re: dougwells] #178221 05/26/08 01:27 PM
Joined: Sep 2003
Posts: 200
U
u2slow Offline OP
Member
Originally Posted by dougwells
Thanks LK I see they are international so i have called them for further Details.Had to leave a message.


Did you get any response Doug?

I've been looking hard and $10/month plus 2% is unheard of. frown

I don't expect it to help with my commercial customers, but I think it will give me more confidence and protection on the consumer side.

I spoke with the local Snap-On tools dealer and he estimates 75% of his business is card payments. Obviously, he has no trouble justifying his POS terminal equipment and processing fees.

Last edited by u2slow; 05/26/08 01:33 PM.
Re: Credit Card payment processors [Re: u2slow] #178227 05/26/08 04:16 PM
Joined: May 2003
Posts: 1,155
dougwells Offline
Member
Yes i did set up with them. It is a 3 year term ..l. its best if your Deal with Canada trust with them ....The deposit is 48 hours at the most.my accounts are at another bank so i pay 10.00 more per month to have the money transfered to my bank.

I can pm details in a bit.

Re: Credit Card payment processors [Re: dougwells] #178234 05/26/08 05:23 PM
Joined: May 2003
Posts: 1,155
dougwells Offline
Member
These guys gave me a call a few weeks ago
http://www.cardexpayments.com/

Re: Credit Card payment processors [Re: LK] #178283 05/27/08 12:27 PM
Joined: Oct 2006
Posts: 745
E
EV607797 Offline
Member
Originally Posted by LK
You may be missing the real value of accepting credit cards, customers will tend to have more work done, when they find out you accept them. it can increase you business, and your income.


Amen. There's no doubt that having the ability to accept credit cards will put you in a much more strategic position to get customers to go ahead with extras. Not to mention, your money is 95% safe. The other 5% is usually just little garbage like when the wife approved a few more bucks to replace some dimmers and husband comes home furious because he could "have done that himself" and challenges the charges. Even in those instances, they rarely ever win their challenge against your charges. I set up my credit card services through BJ's Wholesale Club about ten years ago and have been very happy with their contracted provider, Chase Merchant Services. The money is in our account within 48 hours and the fees are nickels and dimes compared to the added revenue that you can generate. It's well worth it.

PayPal's fees are a bit higher, but they are also a very reputable processing agency that requires very little out of pocket expense. I believe that they require that you deposit a token amount of money in your account to cover reversals for the first few months, but after that, it's just a matter of paying percentages. If you have them transfer funds to your bank account, it is practically free. If you want them to send you a check, it costs a couple of dollars more on a per-payout basis.


---Ed---

"But the guy at Home Depot said it would work."
Re: Credit Card payment processors [Re: u2slow] #178285 05/27/08 12:41 PM
Joined: May 2003
Posts: 1,155
dougwells Offline
Member
u2slow I sent ya an email

Re: Credit Card payment processors [Re: dougwells] #178286 05/27/08 01:21 PM
Joined: Sep 2003
Posts: 200
U
u2slow Offline OP
Member
I'm checking into them currently.

Thanks Doug!

Re: Credit Card payment processors [Re: u2slow] #178391 05/29/08 01:27 PM
Joined: Sep 2003
Posts: 200
U
u2slow Offline OP
Member
Here's some things I found out (looking mainly for terminal-less solutions):

Paypal doesn't have the Virtual Terminal product for Canada. Only website shopping/checkout is available for us.

Verifone makes and resells two products called IPcharge and PCcharge. The former is web-only. The latter is a software package. Both can accept swiped card transactions with an add-on pin pad or card-swiper that you buy outright. The two Canadian resellers I could find (VersaPay and ChasePaymentTech) weren't up to speed... they said they couldn't do debit, didn't know of any compatible pin pads or swipers, and would still have to pay the card-not-present transaction fees.

Moneris was the most expensive and only offer the virtual terminal as an extra cost accessory to a basic POS term merchant account. They are nested with CIBC, BMO, and RBC so they have a bit of a monopoly going.

TD/CanadaTrust has MerchantPC. They had extra costs because I'm not a TD customer. Plus the in-your-face big bank pricing.

Cardex only seemed to have terminal-based solutions. I never got a call back from them.

In the end I went with InternetSecure. Their virtual terminal works on any Internet connection - even dial-up. They quoted me lower discount rates that listed on their website, and a lower setup fee. Plus, I can do debit transactions.

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