Thread: 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.

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.

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.

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.

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

We are also at 1.81% average...

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

Originally Posted by dakselfstorage

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.