When I switched to Speedline a couple years ago I just went with the cc processor that they had that integrated with everything. This is apparently something called World Pay with TSYS. I was inquiring with there sales about switching my mag swipes to a customer facing option with EMV and touch to pay / Apple/ Google pay. Upon inquiring I was informed that my current processor is not compatible with that option and I would need either Worldpay (which I thought I was?!) or WorldPay with First Data.
So the questions are, What are you using? How are the rates? And if you ever switched from just mag swipes to emv readers did you notice any savings on cc processing fees?
What hardware are you trying to get? I haven’t seen a customer facing EMV screen, unless it’s just a pinpad. We went EMV pinpad route and opted to go back to the swipes. We use Worldpay, but at the time it was vantiv. I have no idea the differences in Worldpay levels
I switched to world pay a few years ago with Speedline. It was a smooth transition. We also switched to the EMV readers.
My rates went down a little from 2.3% to 2.15%.
My chargebacks went way down, from a few thousand a month to just a few hundred.
Currently I’m paying about 2.35% becuase the majority of my orders are online now, and that is a higher rate.
Pizza Pirate, I’ve spoken with worldpay and spent hours trying to get my rates down. I’m currently sitting between 2.67 and 2.78 effective rate every month. Is that your effective rate?
Speedline said I could get Ingenico 3000 Pin Pads that are customer facing screens. Why did you switch back to the mag swipes?
Thats the thing I thought I was using worldpay the whole time?! It is a little frustrating the 2 years out from using the processor they set me up with that I am not on the correct one to utilize all functionality.
I’m not really sure what my “effective” rate is.
Looking at what that is, it just seems like a normal small pinpad. When we switched to it, EMV was new. We had to enter all credit card info on the pinpad for delivery, including billing zip and cvv. As you know, that’s completely different than what it currently is with swipes, its all in the terminal. So it slowed the process down and there wasn’t any benefit at the time for us a business. Swipe/chipped are the same when it comes to rates, the card not present is still card not present, regardless of how many questions you ask about billing info. Maybe that’s changed in recent years
effective rate = All fees divided by Total CC deposits gives you your effective rate. Thats the only “rate” I speak of to reps because they slide so much bullshit in. Show a cheap rate then fee you to death
Store 1 = 2683.51(Fees)/ 99,0035.76(CC Deposits) 2.71% effective rate
Ahh that’s very interesting and would definitely turn me away also. Thank you for the info on the swipe/EMV rates that was one thing I was very curious about. I had imagined it would be cheaper because its more secure but if its not any different I see no reason to switch.
Yes. That’s what I look at. My effective rate is 2.35%
Are you worried about transactions taking longer when you switch to letting the customer insert their own card and answering the prompts?
I am personally not worried about it taking longer. It has to be a minimal amount of time I cant imagine it would be tremendously longer than us mag swiping it if at all.
I think our big issue was more with the process being on the EMV reader than within terminal. But taking longer isn’t good either
I continued using EVO or EPSsomething that I was using before I bought my Speedline POS. Had to have their ‘pet processor’-WorldPay install a gateway so that I could continue using my processor. Now I have to pay WorldPay $30 a mo. for their gateway.
A few months ago I canceled my stand alone CC EMV chip reader, so I could eliminate a merchant ID and not have to pay all the “safer payments, authorize.net, charge back protection fees”
The only thing I was worried about was having to pay a higher rate bc I only had mag stripe technology, I cant get EMV chip reading on my pos unless I switch proccessors.
I was right in being concerned about paying higher fees from swiping instead of chip reading, I just got hosed for April statement.
To bottom line this… I was just told by my account rep that Ill pay alot less chip reading cards instead of swiping.
Im going back to using a stand alone terminal for my instore orders