What service do you use to process credit cards?

[pastafan]

We have been researching the lowest fee option and these companies are anything but transparent. Who are you using to process credit cards?

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[mille125]

We have been researching the lowest fee option and these companies are anything but transparent. Who are you using to process credit cards?

QuickBooks will process for you at a reasonable fee. First data are crooks. Do not use them...................

 

[BakaSaru]

Brought the iPad from home. Got the Square app. No problems yet.

 

[bronchospasm]

Getting the square up tomorrow.
Also getting the PayPal here as a backup.

 

[hyperalgesia]

Initially signed up with Intuit QuickBooks and before that Chase Paymentech. Chase charged me over $250 because I cancelled, which pissed me off.

Intuit goes on and on about their rates but if you call enough times, you learn that they charge something like 3.9% for "incentive cards" (called something like that). If you persist in getting details you learn that these include all the reward cards like frequent flier and cash back and basically almost all credit cards these days. This info is also not given readily which is not ethical IMO.

PayPal has an excellent reputation and may be the most transparent with rates. I think Square is also really good.

 

[pastafan]

After spending way too much time researching and being harangued by high pressure sales people, I went with Emerald World. Transparent exchange based pricing, no BS, no pressure and much cheaper than the ones mentioned here. Terminal pricing rivaled the best I could find online but you can buy your terminal anywhere. Almost no cards qualify for the lowest processing rates quoted by most because if they are a rewards card with miles, dollars back, etc. they process by Visa at a higher tier. Even if you don't use them Kelly at Emerald World will give you a free education about the vagaries of credit card processing charges. CPT coding and insurance company requirements on steroids.

http://www.emeraldworld.biz

 

[hyperalgesia]

After spending way too much time researching and being harangued by high pressure sales people, I went with Emerald World. Transparent exchange based pricing, no BS, no pressure and much cheaper than the ones mentioned here. Terminal pricing rivaled the best I could find online but you can buy your terminal anywhere. Almost no cards qualify for the lowest processing rates quoted by most because if they are a rewards card with miles, dollars back, etc. they process by Visa at a higher tier. Even if you don't use them Kelly at Emerald World will give you a free education about the vagaries of credit card processing charges. CPT coding and insurance company requirements on steroids.

http://www.emeraldworld.biz

Exchange based pricing? Can you share the processing rates?

 

[pastafan]


Tried to upload the file but it is too big for this server. There are over 100 differing rates/cards. Emerald world charges 0.59% plus .05 per transaction over Visa rate. Visa gets between .95% plus .2 to ~2.95% plus .10. No service can charge less than exchange pricing.

 

[bronchospasm]

Updated.... Square has been working really well for us.. Easy ..charges 2.75% per transaction . I use an old iPod touch the one without the camera for it. It works very well. I also have it on my phone as back up. No issues so far... I know there are other options out there but it took 3 minutes to set up square. For a new practice, it was worth it.

 

[deleted185747]

Exchange based processing aka pass-thru pricing is the only way to go. If you use a service like paypal or square you are overpaying because they bundle everything together. See below for what I'm paying except I bought the terminal so I don't have to lease it. When you ask for quotes ask for pass-thru pricing to get an honest answer to the question of how much the processing company is marking up the transaction.

Per transaction:
Visa/MasterCard/Discover: Interchange + 0.12% + $0.08
American Express: 2.55%
Pin debit: $0.15
Monthly Fees:
Service fee: WAIVED
Statement fee: WAIVED
Set-up fees:
Application fee; WAIVED
PCI compliance: $94.75 annually, mandatory for all merchants
Equipment fee:
48 month Lease: $27.00 (includes credit card machine, pin pad, paper, supplies, replacements)

 

[deleted185747]

I'm paying 1.74% + 0.08 per transaction plus $98 annual fee for a basic non rewards visa

 

[inspire004]

Tier I – Less than $50K/month gross sales
Rate Structure Qualified Debit Rate,Qualified Credit Rate,Qualified Rewards ,Mid-Qualified Rate, Non-Qualified Rate
Discount Rate 1.63%2.05% 2.40% 2.60% 3.25%
Per Item $0.20 $0.20 $0.20 $0.20 $0.20
This is with elavon and Athena, I will look into emerald biz