Credit Card processing

I am starting to shop for a cc processor and would like to hear some opinions on options. I met with a heartland rep today and was quoted for 2.77 percent (estimate of course) based on approximately 300k in sales. We aren’t open for business yet so that number is just a rough estimate. I was disappointed in that price considering Square is at 2.75 and was supposedly more expensive than the others.

We do not do delivery or over the phone orders. No keyed in transactions.

Does this seem in line with what y’all are paying? I know it varies depending on circumstances but I was expecting a lower percentage.

I was recently quoted 2.65%. That does not include any keyed in transactions however. I do approx 10k in credit card sales a month.

Since you aren’t open any quote you get is going to be a guess. If you will have a fairly low average ticket (under $40), then the chance of a high percentage of debit cards will drive down your effective rate even further from the 2.77%. Are you going to be using a stand alone terminal or a POS System? Not only are rates important, but EMV as well. Please let me know if you have more questions. Best wishes for a successful venture!

We wil be using a POS. Heartland was my only visit so far and will keep looking for what else is out there.

If your using a stand alone terminal I can get you a rate as low as 2%

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We pay interchange plus a few pennies per transaction. A solid week of negotiations between every major processor saved us a HUGE amount of money. Heartland was the only one willing to finally go to down to 0%

The heartland rep you work with can make a big difference. I sell POS hardware… not merchant services. But my rep at heartland got me down to less than a 2.5% “Effective Rate”, which means after all fees and services charge combined. He also locked in my rates for 3 years. The icing on the cake… we accept American Express with a low % rate, which increased our business. I never deal with double talk, which is another reason I love my rep.

I’ve actually written an article to help people understand merchant rates, so that they can negotiate better rates. Read “How to Lower Merchant Rates” and arm yourself with knowledge.
If you want a referral for my Heartland rep, you can email me.