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Is it time to change credit card providers?

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UncleNicksPizza

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I own an independent DELCO in Florida. We are a low volume store, averaging around $10k per week. Most of our credit transactions are keyed in online, with next majority being typed in over phone. Very few are inserted at the point of sale.

I am currently with Vantiv World Pay. Over the years our effective rate has gone up, now sitting around 4.8%. We are on Interchange+ with them, and my “Low Detail” breakdown from last statement (the indicated 4.8% effective rate) shows 1.7% from Interchange, .2% Processing Fee, and 2.9% in Other Fees.

I have attempted to get Vantiv World Pay to clarify these breakdowns with me, and their purpose, but the best answer I can get it “they’re costs associated with Processing cards.” No one can give me any more specific answer. Some of the bigger ones include "Processor Transaction Risk Fee, Processor Per Item Fee, Access Fee, and Transaction Integrity Fee.

I am curious if this is normal, and a good rate, or if I am leaving money on the table.
 
I was literally logging on to see what other people were seeing in cc fees. I am also with Vantiv Worldpay and am paying 3.5% on $90,000 a month in cc sales. All credit card processing companies in my experience make it extremely difficult to distinguish what is actually going on with your bill and trying to compare the rates they promise you vs what you receive just seems to be a crap shoot.
 
I am with Vantiv, 2 accounts 1 in store 1 online. I do about $5500 a week. At the end of 2019 I was paying around 5%. My Grande rep started to work at a CC company, So I was going to switch to the new place he was working.

So I called vantiv and told them I would like to cancel (I called during the day). I got transferred to some young lady in USA. I told her I would like to cancel in 30 days(Incases something went wrong with new company)

She told me my rate was very low(something like 10 cents per transaction and .01%) she said if I stay she would knock down the interchange like 20%. she also told me I need to be PCI compliant which would save $50 a month($25 per account) So I just stayed with Vantiv. These days I pay 3.1 to 3.2

Anyone consider canceling American Express? I would think anybody that has an AMEX would also have a VISA on hand.
 
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I wish, and maybe something like this is possible or already exists, that us independents could band together as a coop to get better pricing similar to the big guys.
 
I watch my statements very closely I have 3 merchant ids.

Im at 2.4% on just under 100k in CC sales per month.

I use Worldpay. Id just ask them for a better rate. I have interchange +.05 cents.
When they start trying to add a percentage on top of the flat .05 cents it really adds up.
 
i have never paid more than a 2.6% effective rate but we process a lot more…currently at 2.38% with EMV. I would think with your volume you can get it below 3%
 
Has anyone tried the companies that charge the user for the fee? I currently use Northern Bancard and they charge a 3.99% fee to the user of the card at the time of purchase.
 
As much as everyone is against slice. They are literally doing the exact thing your talking about. Creating a POS type register product and negotiating around 2% rates with their ten thousand pizza shops as their leverage against the high fees CC processors are charging. It’s not going to be right for most here, but a viable option for getting off pen and paper for the super small operator.
 
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