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Thread: Credit Card Processing Fees

  1. #1
    Gina6k's Avatar
    Gina6k is offline Moderator
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    Default Credit Card Processing Fees

    A comment in another thread got me to thinking so I'd like to ask; what are you paying in credit card processing fees on average? If you have a breakdown to share and a good service provider I'd love to know. Our current one has jacked up their rates (yeah, like storage they all do it annually) and it's a bit ridiculous. It's time for us to pick a new one so I'd appreciate any input.
    Gina 6k
    CochraneStorage dot com
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    You only live once, but if you do it right, once is enough!
    I am not an attorney, just an experienced manager who is willing to share what I have learned. Your thoughts, practices or opinions may vary and neither of us may be right.

  2. #2
    Paso one is offline Senior Member
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    Default Re: Credit Card Processing Fees

    We have two differant credit card processors Chase Paymentech and Elavon ( thru Costco ) The rates are all over the map, depending on the customers card. They have all these catagory's Business elec = 1.90% business standard = 2.00% consumer elec 1.54% consumer standard 1.65% infinate elec 1.74% Infinate standard =1.85% purchase standard = 2.0 % The EMDR raye is 2.049% for Visa and 1.996 % for Mastercard
    I think it's organized confusion. All the above rates are for the Chase account.

    The Elavon account differs because of the recurring processing and swiped transactions fees differ in them selves, never mind the customers perk cards 2.23% and 1.720% seems to be min avg.

    This is an interesting question and I assume it's going to be all over the map.

    And there going to get you one way or the other now that we rely on them so much.
    Gina6k likes this.

  3. #3
    dakselfstorage's Avatar
    dakselfstorage is offline Senior Member
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    Default Re: Credit Card Processing Fees

    We are using Storage rent payment,(Yapstone) Integrated with our QuikStor software. I just got the rate lowered and now only pay 2.01% with no transaction fee. ACH (electronic checks is only .50. It used to be a dollar. The reports are easy to understand. Had I been a new customer I could have got 1.99% with no fees.
    Gina6k likes this.
    Joe Krezdorn
    DAK Self Storage
    Leesport, PA 19533
    www.dakselfstorage.com

  4. #4
    RandyL's Avatar
    RandyL is offline Senior Member
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    Default Re: Credit Card Processing Fees

    I am with Pay Pros currently. The rates were high at first, but when I got a competitive quote that was better they offered to beat it. I am what is called a interchange + program now. I believe I pay something like .3% over interchange. Right now debit cards process for practically nothing.

  5. #5
    cowfarmer is offline Junior Member
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    Default Re: Credit Card Processing Fees

    Total fee (interchange, ety etc etc) divided by total $$$$ of revenue = 1.8%

    Every year, at a trade show, there is someone willing to quote a lesser rate; so far, my current provider (Merchant Services) has matched the rate

  6. #6
    Advantage IT's Avatar
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    Default Re: Credit Card Processing Fees

    We are also at 1.81% average...
    Customer Service always wins out

  7. #7
    ItsMe is offline Member
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    Default Re: Credit Card Processing Fees

    That's a good rate. I am going to have call, but I think we are paying a 2.39% flat rate with them.

    Quote Originally Posted by dakselfstorage View Post
    We are using Storage rent payment,(Yapstone) Integrated with our QuikStor software. I just got the rate lowered and now only pay 2.01% with no transaction fee. ACH (electronic checks is only .50. It used to be a dollar. The reports are easy to understand. Had I been a new customer I could have got 1.99% with no fees.

 

 

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