[pianotech] Credit Card Service providers - which one?

[Duaine Hechler]

Wim,

There website show 2.75% per swipe.  Where do you come up with 1.7% ?

Duaine

On 01/24/2013 12:22 AM, tnrwim at aol.com wrote:
> 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 <mailto:info at pianofortesupply.com>
>
>
>
>
>


-- 
Duaine Hechler
Piano, Player Piano, Pump Organ - Tuning, Servicing & Rebuilding
(314) 838-5587 / dahechler at att.net / www.hechlerpianoandorgan.com
Home & Business user of Linux - 13 years