visa card for payment
by Ed K
on
Jun 6, 2002 at 2:05:37 pm
Anybody out there using visa merchant services? My bank says it takes 7 to 10 days to set up and $25 per month to maintain. I can close it and reopen but I'll face the 7 to 10 days again. I get 1 or 2 jobs per year from out of towners that make me a little nervous about collecting. Looking for a safe and convient way to deal with this. Pay Pal doesn't seem to really offer a fair deal for both sides. Any ideas?
Re: visa card for payment by Steve Martin on Jun 6, 2002 at 6:17:08 pm
Try Nova Merchant Services. I don't know if it's a better deal than your bank for so few transactions - but it's worth a shot. Interstingly enough, most banks don't actually provide Credit Card merchant services. They outsource it to companies like Nova.
Another thing to consider is the discount fee. For every dollar you you charge your credit card client, the credit card company chares you a "discount fee." Usually a percentage of the total sale plus a small transaction fee.
For example, a small shop might do 25 or 30 transactions for $1000 worth of credit sales. A production company might bill many times that amount on a single transaction. Credit card merchant services tend to like customers like us and give us a better (smaller) discount rate than small retail shops.
So when comparing services - don't just look aat the monthly costs or transaction fees. Attempt to negotiate the best discount rate you can - cause with large dollar amounts... well - you do the math!
Re: visa card for payment by Andy Edwards on Jun 7, 2002 at 4:36:57 pm
Ed,
Quick Books Pro 2002 software will allow you to accept Visa/Discover/Mastercard and AMEX all via the software. Monthly fee is $14.95 for the merchant account through the bank plus 2-3% transaction fee. No hardware is required and the setup time was under an hour. All you need is the clients billing address for the card, an internet connection and fill out the invoice. Quickbooks then logs into a secure server through Verisign and completes your transaction. You can print out a record with the transaction details for tracking purposes. The transaction usually takes about 3 days and is automatically deposited right into your account.
I have a local production friend that went the hardware route and his fees are about the same, but he had to purchase a card swiper for over $600 from the merchant card rep. There is used hardware that can be found online, so you might save some money.
If you are uncomfortable with online transactions, then maybe a hardware solution might fit your needs.
I am happy with the ability to provide this service to certain customers who need to use a credit card to pay, and I know I get the money one way or another in 3 days.
Email me off the list if you have any other questions.
Re: visa card for payment by ideawizard on Jun 12, 2002 at 6:26:13 pm
My video sales are picking up and some people want to pay by credit card now instead of just pay pal. I want to keep the cost down until sales inclease. My bank is offering this deal:
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$30 month terminal rental for 48 months
$25 minumum
2.65 rate
30 cents
10.00 billing fee
If I have no or low sales this cost me aprox $65 month
to take credit cards over the phone.
To get a wireless terminal I can take with me $85/month.
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1) PROS
can take credit cards over the phone
can budget monthly expenses
2) CONS
48 months sheesh!
seems high
can only use from office/ unless I buy wireless model
Tech wise seems lame:
isnt there a better way that I could just use with any phone
from anywhere I am
also what about accepting CC from a palm?
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1) anyone know of a better deal or a better alternative? or where to find better info? Does the Quicken deal include a merchant account and can you use it on a Mac? Is there a website for more info?
