Credit card processing

[Restorationlab]

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.

 

[rc75]

 

[Toothman19]

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.

What company are you currently using?

 

[JDC]

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.

 

[Restorationlab]

What company are you currently using?

CardConnect

 

[Restorationlab]

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.

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

 

[JohnWilson]

for your volume you will not find a cheaper option,

 

[PRO ARTS DL]

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.

 

[sidesh0wb0b]

for your volume you will not find a cheaper option,

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

 

[JohnWilson]

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

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

 

[Restorationlab]

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.

 

[user name]

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

Charge more.

 

[Restorationlab]

LOL!

 

[JMN]

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.

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.

 

[sidesh0wb0b]

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

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.

 

[JohnWilson]

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.

Wow not sure how they do AMEX for that rate

 

[sidesh0wb0b]

Wow not sure how they do AMEX for that rate

me either, but this guy is not one to complain about it!