Mind if I ask how much you pay to take credit/debit card transactions?

O

optimusp517

New member
I'm curious what your annual fee is, monthly fee and what other fees you are getting and also what percentage you're getting taken for every transaction?



Thanks :)



I'll post what my rates are when I switch over to my desktop later tonight.
 
Someboby please reply I was just going to ask almost same question and also If you don't take credit/debit do you feel it hurts your business as far as people knowing you only except cash
 
It depends on the type of card. Usually reward type cards are more to process. Check out Costco, as they offer credit card processing services. As far as hurting business, I have never had a customer not have a service because I do not take credit cards.
 
brwill2005 said:
As far as hurting business, I have never had a customer not have a service because I do not take credit cards.
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I agree.



In some businesses, if you don't accept credit cards, you're really losing out. With mobile detailing, I have never seen where it would either hurt or help my business. I've actually started to take credit cards using a mobile processing machine at one point, but in the six months I was accepting them, not once did some one pay that way. I now just use paypal if someone insists on paying by credit card.
 
ajbarnes said:
I agree.



In some businesses, if you don't accept credit cards, you're really losing out. With mobile detailing, I have never seen where it would either hurt or help my business. I've actually started to take credit cards using a mobile processing machine at one point, but in the six months I was accepting them, not once did some one pay that way. I now just use paypal if someone insists on paying by credit card.
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So with you guys saying you us paypal how does the transaction go do you get there credit card info and submit it to paypal or get them to make a payment to you through paypal.
 
Go to Paypal. You can set up a business account in a few different ways. ou can do payment through email, where you send the customer an email, which when they open up, they fill out some info and you are paid.



I set mine up through my website.
 
TexasTB said:
I was only asked one time if I took credit cards, which I do not. They simply wrote a check.
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I guess being mobile people probably assume you don't have cc processing stuff on board. Being fixed I'd say about 80-90% of all payments I receive are thru plastic. I would rather not accept them due to the fees but it is more convienient for the customer so I do.
 
I have a fixed location.

We do substantial volume.

We do not accept 'plastic'.

We make the client aware at the time of the appointment, and again when they drop the car off. We are in an upscale area and clients seem to understand.



Based on our volume and pricing, processing fees (assuming 80% usage) would be well over $5000.00 annually. I didn't believe it either, so I had my branch bank manager do the math with me. Yup, over $5000!



In my fifth year, I'm good just the way I am.



JB
 
This is what I currently pay:

2.95% of the total amount of sale

+ MC/Visa per transaction fee of 25 cents

$10.00 monthly fee



I'll say this about accepting credit cards, It's easier to up sell when dealing with a customer using it. easier to sell a accessories like dashmats or bug guards...etc.
 
BucketsandBubbl said:
This is what I currently pay:

2.95% of the total amount of sale

+ MC/Visa per transaction fee of 25 cents

$10.00 monthly fee



I'll say this about accepting credit cards, It's easier to up sell when dealing with a customer using it. easier to sell a accessories like dashmats or bug guards...etc.
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Have you annualized those costs?



JB
 
I pay a little less than BandB through Sam's Club. Not a pro detailer, but can't imagine not taking cards; way too many people use them for everything. If I'm driving a corporate car and somebody tells me cash or corporate check only, I'm going to keep looking. For less than $3 per $100, why not be as flexible as possible?
 
Just looked at what Costco is charging. It is 1.64% of each trans, plus 20 cents for each retail classified swipe. The monthly fee is $4.95 and is waived if you have an executive membership.
 
dpsorg: not to start an argument, but that '$3.00' rapidly becomes $5000 over the course of a year. That money goes right in to my bottom line/pocket.



Here's the other analysis: That $5000 translates to about 23 complete sedans, or 18 complete SUVs. After 4 years, I don't think that I lose significant business, maybe 2 or 3, but not significant.



So, over 4 years it becomes $20,000!



JB
 
brwill2005 said:
Just looked at what Costco is charging. It is 1.64% of each trans, plus 20 cents for each retail classified swipe. The monthly fee is $4.95 and is waived if you have an executive membership.
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That is who I use--they had the best rates/service that I could find. My executive membership more than pays for itself at the end of the year. :D
 
ebpcivicsi said:
That is who I use--they had the best rates/service that I could find. My executive membership more than pays for itself at the end of the year. :D
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As does mine. I also use their web hosting service and order my business and personal checks from them.
 
Yes, I think Costco or Sam's are about the best around. My rates are higher because my transactions are by email; with no card present you have to pay more.



Jimmy, you obviously know your own business best, but I'm not sure why you would figure 80% usage if you only lose a couple per year for not taking cards. It seems like most people would pay with cash/check if you request it. I would rather take a guaranteed c.c. than worry about bounced check collection, but again, maybe that doesn't happen anyway.



Dave
 
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