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    Credit card processing

    Discussion in 'Misc' started by Restorationlab, Jan 4, 2017.

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    1. Restorationlab
      Inspired

      Restorationlab Member Full Member

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      For a few years now I have been processing credit card payments for 2 of my accounts. I am now down to only one account who wants to use a credit card. I discovered today that my processing company is charging me $10/month for the statement mailed to me. No free option available from them. Their processing fee through the internet (no direct swipe of the card) is around 3% of the transaction, then they add on other fees as well as a $99.00 a year fee. Today was the first I heard of a yearly fee on top of everything else.

      I prefer to drop this cc processing company. I am wondering if there are any better/cheaper companies any of you have tried and could recommend. This company has been absorbed by another company twice since I started using them in 2009.

      I wouldn't mind stopping credit card processing all together. I don't like losing the 3% + in fees while my dentist racks up frequent flyer miles!!

      I appreciate any suggestions you all may have before I talk to this dentist.
       
    2. rc75
      Breezy

      rc75 Well-Known Member Sponsors Full Member

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    3. Toothman19

      Toothman19 Active Member Sponsors Full Member

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      What company are you currently using?
       
    4. JDC

      JDC New Member

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      Probably going to be difficult reducing fees with only one account using credit cards. Consider offering the account 1-2% discount to make up for his loss of frequent flyer miles. He's happy and you reduce the cost per charge while eliminating the monthly & annual fees.
       
    5. Restorationlab
      Inspired

      Restorationlab Member Full Member

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      CardConnect
       
    6. Restorationlab
      Inspired

      Restorationlab Member Full Member

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      I like the sound of this. I will consider this option.
       
    7. JohnWilson

      JohnWilson Moderator Staff Member Full Member

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      for your volume you will not find a cheaper option,
       
    8. PRO ARTS DL

      PRO ARTS DL Member Full Member

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      I believe Paypal charges 2.9% + .30 cents per transaction with no other fees BUT that is if you send an invoice to the office through PayPal.

      They do charge fees if you want a virtual terminal where you can process the cc.
       
    9. sidesh0wb0b
      Pensive

      sidesh0wb0b Well-Known Member Donator Full Member

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      actually you can, but you have to be a LabStar user.
       
    10. JohnWilson

      JohnWilson Moderator Staff Member Full Member

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      and how much does that cost :)

      Its very hard to negotiate a better price, if he doesn't want to pay with a check raise his prices and stick with what you have
       
    11. Restorationlab
      Inspired

      Restorationlab Member Full Member

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      With my current system, the average monthly credit card charge, including all fees, for last year was $78.00 That is about 4.5%. You all have given me some ideas on how to handle this situation. Thanks.
       
    12. user name
      Question

      user name Well-Known Member Donator Full Member

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      After carefully analyzing your business structure, I feel I have found and idea that will increase your profit margin...

      Charge more.
       
    13. Restorationlab
      Inspired

      Restorationlab Member Full Member

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    14. JMN
      No Mood

      JMN Christian Member Donator Full Member

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      Talk with BB&T if they are in your area. One flat monthly fee, virtual terminal through GlobalPay, no pci, no card not present upcharge, no per procesing fee, no access fee, nothing extra. Just one flat monthly fee. And a 3 year contract.

      The lowest tier is $1000 or less it's $35/mo, 3.5% of any overage, after that all the tiers are 3%. Effectively, your monthly 'bill' is the percentage at whichever tier you select, the catch is you are paying more than you would by raw percentage unless you hit the tier top directly. So if you only process $500 through the 1000 tier, you're effectively paying 7%, even though your bill will not change.

      Internet Explorer 10 or 11 is required, not sugested/tested against use with Safari, MS Edge, Chrome, Firefox, Dolphin, Opera...

      So far, so good. In a month I'll have more to say if you like. PM for more details if you like.
       
    15. sidesh0wb0b
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      sidesh0wb0b Well-Known Member Donator Full Member

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      we all have lab case tracking software of some sort. the cost of that wasnt in question!
      but with labstar/wepay i pay 2.75% across the board on all cc processing plus .19/transaction. this includes amex. no monthly fees, no virtual fees, no pci fees or compliance (handled on their end not mine), and no fees if i dont process anything.
       
    16. JohnWilson

      JohnWilson Moderator Staff Member Full Member

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      Wow not sure how they do AMEX for that rate
       
    17. sidesh0wb0b
      Pensive

      sidesh0wb0b Well-Known Member Donator Full Member

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      me either, but this guy is not one to complain about it!
       
      • Agree Agree x 1

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