Anybody here who has experience with flat rate processing? My friend recommended that I try it instead. Are there any hidden charges or does something like that depend on the company? Any advice?
Square is probably the best known. Works on Android and Iphone. Best used with Ipad. Square readers are free. Square stand is $99.
It's a flat 2.75%. There are no hidden fees. Unless you are doing well over 2 million per year, and can negotiate a special rate, you will not find cheaper. Pull out your statements. Do the math. With per swipe fees and paperwork charges and etc., you are paying way over 2.75%, even with a base of 1.69 to 1.89%.
Thanks for the replies.
I'll definitely check out Square though I have been hoping to sign up with TSys since the credit card machines that I use are from them. I'm planning to go to my bank and see if maybe they can advise me in this. And you're right. I already did the math and I'm paying way, way over 2.75% in terms of processing fees.
It's my day job to advise people on this. Coffee is my passion work. Square are really good and have good customer service. Payanywhere are making a lot of noise in the space and are cheaper than square 2.69%.
Also your bank will usually try to sell you on their merchant service. If you bargain hard enough and have enough volume they can sometimes give you a better rate.