How much should I expect to pay for merchant services?
I am curious who people recommend for merchant services and how much they charge. Bank of America charges 1.99% and 20 cents per transaction, $16 monthly fee (which includes payment gateway), $94 for PCI and a $99 set up fee. I used to use them and these fees are less than they were a year ago, but I still wonder if they are reasonable. Also, does anyone have any recommendation for recurring subscription services. I have used Pin Payments, which was previously Spreedly, but it's been over a year. Thanks.
Interchange-plus is a way to correct the issues with tiered pricing models. High-volume businesses have long been able to use this pricing model, but it’s only recently been expanded to merchants of all sizes.
Hi Mary-Alice Miller, I recommend you take a look at Anovia for your merchant services, they are the newest and have amazing rates! Please visit: http://eslymontenegro.acndirect.com/default.asp.
Anovia has the best deals right now! Visit my store and make sure to enter my code I give you to get our rates: 02956238
I'm located in Methuen, MA and would love to sit down together and review your payment set up. Worst case you will know that you are in good shape or can improve on cost and functionality. Please let me know when you have a 1/2 hour to meet.
Heartland Payment Systems
The prices are all over the map. I think you are getting ripped off by Bank of America unless you are running a high volume retail business and even then you might want to switch to paperless statements. You might want to ask them what you can avoid.
If you are like me and meet people face to face to set them up, review, and train them in QuickBooks in Seattle, then using a Smartphone app like Breadcrumbs from Groupon works. They only charge 1.8% swiped and .15 cents a transaction. There are no PCI fees, no set up fee, and no monthly fee.
Our company at Global Merchant Innovations can give you a complimentary rate about our merchant and credit card services, and it also offers a better interest rate on our credit card services and fees. We are in Woodland Hills, CA. Do send me a message for more info. Thanks.
Mary-Alice - I would go with an easy, flat pricing system, free virtual terminal, no set up fees. It is also good to have some cause with these systems e.g affiliation with Susan G Komen® - every swipe counts. This donates to cancer cause. let me know if you would want to learn more.
There are many aspects to merchant services. Are you comparing like products? For example are you comparing qualified purchases with qualified purchases. Credit card rates are set by the card companies and merchant services cannot reduce or change the card rates however you can shop around for those processors that charge lower rates. I would recommend Anovia. It is a simple process to upload your current statement to them and Anovia will give you a call within 48 hours to tell you if they can lower your banking fees. Please contact me if you would like additional information and access to the website for a quote.
Several people below have offered up great/helpful info... and I'll agree that it's a potentially confusing industry.
Our offering is a bit different as it's done matching any other rate offer but also as a #CommunityGiveBack service.
Swipe4TheKids can do any time of processing, matching any businesses' rate structure, but then rebate our proceeds from fees to local school programs and kids's orgs! It's a #SociallyRespoinsible and #FiscallyResponsible thing any company can be doing.
It typically depends on your specific needs, average sales volume, and risk pool that your business is in. Also the rates are generally specific to the type of card that is used IE, its a higher rate for a Visa Rewards card than it is for a standard Visa or debit card. If anyone says they have the same rate across the board, they are either making a lot of money off of you or they don't want to take the time to actually consult on what will work best for you bottom line and business.
From my experience as a wholesale merchant service provider, bank rates are usually inflated compared to what you can actually obtain. The fact of the matter is that people don't know what they don't know and just assume they are getting a "reasonable" rate.
With regard to recurring subscription services are concerned, are you looking to handle this remotely IE through some type of phone app, or are you wanting to implement and online payment acceptance method? Reason being is that again with a good company behind you, there should only be one single provider so you don't have to shuffle through multiple accounts and receive multiple bills or rates.
On another note, be picky if you are looking to use a mobile solution. There are mobile point of sale systems out there that work real well but if you are looking for something less sophisticated, you've got a ton of choices. Popular products include those from Intuit, Square, and even many banks. But then again there are hidden fees they don't point out for example, a non swiped transaction fee versus a swiped transaction fee. In my opinion, there's one mobile solution out there that beats everyone else hands down and only charges 1 fee no matter if the card is present or not. Reach out directly; I'd love the opportunity to discuss this further and walk you through the process