Credit Card Fees

Discussion in 'The Think Tank' started by Georgiascp, Feb 1, 2017.

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  1. Steve

    Steve Active Member

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    Don't forget about "Small Business Saturday" and that whole sham AMEX throws out there. Total BS


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  2. Georgiascp

    Georgiascp Active Member

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    They charge for the paper are they serious because they don't make enough money off of you already lol. I don't believe my bank is charging for that yet. Tomorrow I will be speaking to my processor as I requested a rate review I will lay out what I am looking for and see if they can meet my needs or I will be walking. I mean at the end of the day it's not like they provide a specialty service and they know that. It's all about the price. I now have free time and I am analyzing all the aspects of the business to cut costs. A few months ago I switched to Internet phones and cut $80 from my bill I now have integrated online ordering and that costs a flat fee of 80/month so I didn't essentially add a monthly cost. My next hurdle is my supplier I started the talks last week and saw a slight decrease not enough to make a dent but I have contacted another supplier and will also be contacting sysco for pricing. My brother drives for them so he spoke to a rep on my behalf and I am supposed to get a good deal we will see...got to start putting more $$$ in my pocket sick of paying through the nose for everything.

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  3. tguag

    tguag Active Member

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    So did mine and i'm livid! I fight it out with them every time i go in there...."this isn't a currency exchange, its a bank and a bank I do a lot of business with. the currency exchange is closer than you guys are. I should start banking with them."
     
  4. Steve

    Steve Active Member

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    I just talked to them today to see why we're being at charged at one location and why it was waived for the other. If they don't lighten up on some of their fees they'll lose our business altogether, which isn't just the banking portion, it's the merchant services (which I'm going to start looking into as time permits)


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  5. tguag

    tguag Active Member

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    do it! im happy with vantiv and i hear heartland is just as good....they all do the same thing really. just font get sucked in to a company that's a third party to a third party for a third party of an exchange...they are the ones with direct access to the credit card companies and will give you the best deal. your bank is more than likely a third party.
     
  6. Steve

    Steve Active Member

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    I'm all for trying to get the best rate and like the strategy of CC'ing all the companies. I'm going to try this in the near future, I hate giving away money.


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  7. noreason

    noreason Active Member

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    If you process an absurd amount of cards, you should easily be able to negotiate great rates...depending on what your definition of absurd is of course. I'd definitely try though because even a small change makes for big bucks for guys who process a ton of business.
     
    Last edited: Feb 17, 2017
  8. Steve

    Steve Active Member

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    I need to just set the time aside to do it. Once I do, I'll post my results


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  9. LittleMissPizza

    LittleMissPizza Member

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    Just wanted to chime in with the findings of my research of credit card processing companies. I came across a company called Fattmerchant that charges a monthly membership fee ($99)+ interchange + 8 cents a transaction (and if you are a Dining Alliance member, it is only 5 cents a transaction so I am going to look into this) with NO CONTRACTS! At first I thought this was simply a ploy to get the consumers attention only to have a bait and switch of sorts but after speaking with a rep, this is actually correct. After running a cost analysis myself, we will save well into the thousands by switching. Has anyone heard of experiences with Fattmerchant? It seems there is only 1 other processor operating under the same membership model so hopefully this changes the credit card industry for the better.