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  1. #1
    Junior Member
    Join Date
    Sep 2007
    Posts
    7

    Credit Card Fees

    I am new to the business and have been shopping for a credit card processor.

    The best I have found so far is called "pass-through" billing whereby the processor charges $.08 flat fee per transaction in addition to the credit card company fees. Credit card company fees appear to be the same regardless of the processor.

    THis seems to amount to a total of about 4% on a $5.00 ticket.

    Does this seem like a reasonable deal? Should I be looking anywhere else in particular?

    Many thanks,

    Fentory
    Ann Arbor, MI

  2. #2
    Member
    Join Date
    Oct 2005
    Posts
    52
    Read this article. Nothing but the whole truth.

    http://www.informed-merchant.com/

  3. #3
    Senior Member
    Join Date
    Oct 2007
    Posts
    338
    I don't even review my merchant statements anymore. They're full of complicated codes and "discounts" and adjustments.

    I've switched companies a couple of times because they came in and promised to save me tons. The overall percentage of the sales were the same, regardless of who I use.

    Currently:
    Visa & MC 4.5% (clears my account the next day)
    AmEx 3.5% (takes two days to clear my account)
    Discover (almost no one paid with it, so I cancelled it)

  4. #4
    Member
    Join Date
    Mar 2007
    Posts
    33
    I just signed up with a credit card processing company that got referred to us by our POS system provider. I shopped around with other companies for the best rates and then sent the quotes to the company I wanted, and they matched the best price. I recommend doing this if you find a company that you would like to work with but that might not have the most competitive rate.

 

 

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