> >Date: Sat, 2 Aug 1997 07:51:42 -0400 (EDT) >From: Phil Bondi <tito@peganet.com> >Subject: Re: credit card sales > >..anyone know how long you wait for payment with this method? This is one merchant advantage with credit cards. Most credit card processors guarantee to have the electronically deposited in your business bank account within 24 hours of "closing" your credit card machine out for the day. Hence, you don't have the 'float' problem with credit cards that you have with checks (where you don't have full use of the funds in your account because the checks haven't cleared at the customer's bank). Check with your prospective credit card processor on the charges (% of amount charged) and the time frame for crediting your account. Something to watch: My wife runs a retail business and when she accepts these 'check cards' she still gets charged the same % on the total as if it were a regular credit card. We have seen these bank charges grow steadily in the last several years due to debit/check card usage. My advise on this is to: watch your bottom line. Something else to watch: Check your card processor agreement. Most will not allow you to have 'minimum' charges on credit card sales. We were going to look at offering a small discount for cash to encourage people away from credit card use, but that seemed to add another level of complexity... I think the credit card discount % is somewhat negotiable. The trade association of which my wife is a member, has a bank that has given them a lower discount due to the quantity of members which have agreed to use that bank for credit card processing. (You can process your credit cards through a different processor than your regular bank). Mark Cunningham Chattanooga, TN MARK@cstcc.cc.tn.us
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