Is anybody happy with their credit card processor/ rates?
Does anyone have an honest representative?
I understand no ones “happy”
My situation is I have 2 stores
Store 1 51,153.07 sales 1600.92 fees effective rate 3.12
Store 2 42,947.86 1339.80 effective rate 3.11
I’m currently with Worldpay. My rate last year before vantiv was bought out was 2.5% . I’m just trying to get back to that.
Any help or direction is appreciated
Before I start, I want to say that I’m currently working as a sales rep with a different CC processing company.
What I can do to help, is to give you a competitive offer which you can present to your company so they can match the rates.
I’ll list the rates you can ask for below, but if the need them in a more “official” way, let me know and I can send the same to you over an email if interested.
Anyway, here is what you can ask for:
Interchange Plus Pricing Schedule
Discount Fee: 0.05% (Basis Points) - Includes fees for all card types, Visa, Mastercard, Discover & Amex.
Transaction or Authorization Fee: 3 - 4 cents per transaction - Same for all card types as above.
AVS: (Zip Code Verification) 0 - 0.0175 (cents) per verification
PCI Compliance: $99/Year
Non-PCI Validation Fee: $19.95 per month (Only if Non-PCI Compliant)
Batch/Settlement Fee: up to 3 cents per batch
Monthly Statement Fee (For Paper Statement): $4.95
Disputes/Chargeback Fee: $10
Merchant Portal (Online Account Access, Reporting & Gateway) $35 per month (Optional)
Monthly Account Fee: $0
Customer Support Fee: $0
Contract Term/Length: NONE
Few things to keep in mind:
The rates listed above, are for processing all cards as credit with a basic configuration, either through a POS or a Standalone Terminal.
No pin pad devices are included or debit acceptance is added. Any of these option added will change the rates listed above.
That doesn’t mean that you wouldn’t be able to accepts debit cards, you would accept them all as credit.
You’ll have to ask for 75% card present (swiped) Vs 25% card non-present (Keyed) in case you do delivery. This will not keep your rates like that forever but it will take few months (3-6), before they get adjusted accordingly. Even with an adjustment when you show that you do more than 30% keyed transaction, your rates would not go out of control. Maybe about 5-10 basis points raise.
Best of luck