[pianotech] Credit Card Service providers - which one?

[tnrwim at aol.com]

Jurgen

I highly recommend the square. https://squareup.com/ , used on an Iphone. The devise is free, and is very easy to use. You only pay for each transaction, not a monthly fee. The transaction is only about 1.7%.  You know instantly if the transaction has been approved, and you get the money in your bank account in 1 - 2 days, including weekends and holidays. 

Wim
 




 



-----Original Message-----
From: Jurgen Goering <pianoforte at pianofortesupply.com>
To: pianotech <pianotech at ptg.org>
Sent: Wed, Jan 23, 2013 7:45 pm
Subject: [pianotech] Credit Card Service providers - which one?


Like most other businesses which accept accept credit cards, I am hounded by calls from companies saying they can provide credit card transaction services for less.  This has prompted me to review my actual costs for credit card transactions.  Although the nominal fee ("base rate") of my service provider is 1.8%, by the time all is said and done,  the actual amount of cream that is skimmed off is actually much higher.


After the  base percentage is  bumped up for "non-qualifed" transactions  and other fees, I am at over 2.4 %.  When I factor in monthly account fees, service fees, access fees, transaction fees and a quarterly PCIC fee (what's that, anyway?) of $34.95, my actual deductions are between 3.3% to over 5%, depending on the month.


Of course the competition promises me sky high savings, but I suspect they have their own fees and charges that I will only find out about once I have signed on, not to mention a cancellation fee if I am not happy with their fee structure.


My questions are:


What service are you using, and what is at actually costing you (total fees and charges divided by total sales per month)?


I am currently with Moneris, considering switching to Federated Payments.  Doing on-line research reveals a lot of complaints about Federated, but Moneris also gets a few black eyes - it seems if you look for a negative review online, you will find it.


Who has navigated these murky waters and has found a good service as a good cost - or are they all playing the same shell game with unintelligible fee structures?


Please share your experiences.  If you don't want to mention company names that is OK, you can also email me privately if you wish.


Jurgen Goering
Piano Forte Supply
info at pianofortesupply.com







 
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