Credit Cards - Is anyone Happy or at least have a honest rep

Discussion in 'The Think Tank' started by Pizzanorth, Feb 18, 2019.

  1. Pizzanorth

    Pizzanorth New Member

    Mar 16, 2017
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    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

    Januarys totals

    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
  2. Steve.L

    Steve.L Active Member

    Nov 27, 2017
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    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 :)
    Steve likes this.