credit card discount rates??????

[Darryl]

Ok Grumblers...I need some input here......I presently am using EFS Nat'l bank to process my credit card transactions at a rate of 2.030 pecent( electronic) plus assorted fees which brings the total I pay on tranactions to around 2.4 percent...had a visit from a guy from Vericomm who is offering a rate of 1.49 percent plus a 25 cents per transaction fee...and 0 percent for debit cards with a 29 cents tranaction fee. The discount for manually having to key in the numbers is 2.49 percent and there is a monthly statement fee of $20.00. Is anyone out there using Vericomm to process their credit card transactions and if so......how do you like them?

[Elaine]

I'm in NY - I use Solvay Bank and my rate ranges from 2.2 - 3.45 (have never hit this!) no monthly fee, no per transaction fee. Straight rate; this was the best I could find 1 1/2 years ago, but have not checked since. I had a credit card company call me and try to beat it, and they said they couldn't.

Hope this helps a little, sometimes the small local area banks can beat the others and I get great customer service

Elaine

[RozR]

Hello Fellow Western New Yorker!!! I'm in the Rochester area! Having opened nearly a year ago and researched the credit card processing... it's as hard as shopping for a new cell phone service!!

I am with Chase Financial Services thru BJ's!!!! The rate is 1.55% with a .19 per transacation fee and no monthly fee. BUT, here it is, BUT - there are these other fees that come directly to them from the MC and Visa and AM Ex services... AM Ex is totally a pain... but needed. It goes thru and then gets backed out... This totally screws me up to TRY to reconcile my bank statement - so I have just about taken the bridge after the holiday season!!

If this makes any sense... I think you win one way and lose the other - no matter who you are with!!

Also, if anyone has a miracle approach to reconciling these statements to a bank statement - hallejulah - please advise me!! :rolleyes:

Roz

[Darryl]

I have found that Amex does not transfer the funds until I settle my terminal (daily batch close.. which I dont do daily).... MC, VISA,and Discover transfer the money to the bank without having to settle my terminal......MC and VISA..show the deposits with the discounts included and I have to reconcile my bank statment with my statement from my card procesing company.....Discover and AMEX deposits the full amount of the tranactions then charges back the discount amounts.....I record all my credit card sales using the full amount of the transactions then debit my checking account for the amount of the discount fees at the end of the month.(using my bank and credit card statments)

[Framing Goddess]

They all seem to be comparable rate-wise.
Regarding the "set-up fee:" (usually in the neighborhood of $150.00-300.00) This is negotiable. They try to slip it in at the last minute. Just say "No" to this.

[rmajohns]

I use EDR out of new york They charge a membership fee of 35.00 a year visa mastercard 1.59% .24 each transaction fee 10.00 monthly statement fee I don't lease my terminal, which I paid 550.00, am EX sucks and I refuse to except !! and dicover is ok but dose their deoposit at full amount then takes a fee from my bank acct,, why they do it that way is beyond me.. I use a Hyper con with a built in printer, and never had a days trouble with it or EDR. David

[clifpa]

I just got off the phone with Nova. They are recommend by PPFA so this is why I called them.

The machine with printer cost $645. Installation, setup and training is a one-time charge of $50 bucks. A $5 dollar monthly fee and 1.61% rate with a $0.28 per transaction fee. Interesting is that if you can't swip the card and need to enter the number manually the rate goes to 2.48% on that transaction?

Also they advertise Check Validation, nope, they only check Scan.

Not sure this sounds like the best deal that PPFA could have come up with?

Your continuing thoughts?

Cliff P.