Super high merchant rate: Cryptopay on vacs and vending

[copperglobe]

I'm with Worldpay and Cryptopay on my vacs and two vending machines. My SS bays and automatics are on another CC system so my $1 per swipe on the vacs and vending are a stand-alone setup. I realize that with my setup my per swipe fees are high. I just got my Worldpay statement for last month- divided total fees by gross receipts: 22.2% in merchant fees!!!

 

[slash007]

Check for one time fees, those probably made it so high. Like compliance fees etc.

 

[copperglobe]

I've looked over the statement line by line and don't see any one time fee or anything that would come close to that. Called Cryptopay and they have passed me on to Antonio at Worldpay but I haven't had luck in contacting him via email nor phone.

Anyone else looked at their WorldPay/Cryptopay January statement and done the math for fees for the month?

Thanks,

 

[Roz]

22% is high. We have a $5 min per swipe on the SS bays. Our fees are in the 4% - 6% range, usually about 4.5%. I do wish Square would get into the business or someone would figure out how to modify the swiper to use Square as their fees are 2.75%

 

[Randy]

22% does seem rather high. Could be your that your price is to low. A $1 for anything isn't much anymore. I'd probably raise my prices to compensate for the credit card fee's.

 

[OurTown]

Low tickets make high fees from Worldpay. You could set your credit card vac price to $2 and double the minutes but it may not help a whole lot.

 

[MEP001]

Low tickets make high fees from Worldpay. You could set your credit card vac price to $2 and double the minutes but it may not help a whole lot.

It should help a fair bit since the transaction fees will be cut in half.

 

[mgmtoo]

Yep! My World pay charges run about 28% each month! Doesn't make me want to add more swipers.

 

[OurTown]

It should help a fair bit since the transaction fees will be cut in half.

I should have clarified a bit. I'm assuming he is not going to raise vending prices and many people use more than one vac cycle. Therefore his percentage could go down but I doubt it would be cut in half. Raising vending prices and the price per vac minute could combat the fees and make the ticket price a little higher then lowering the fee percentage.

 

[OurTown]

Yep! My World pay charges run about 28% each month! Doesn't make me want to add more swipers.

What are they installed on now? Just vacs?

 

[Ghetto Wash]

Last month was 15.06%. average transaction was $3.06

 

[mgmtoo]

On 3 bays, 2 vacs. Thought I would try it as a way to help give customers a way to spend money, average charge is $5.50. With the amount that world pay charges it is a little painful.

 

[OurTown]

On 3 bays, 2 vacs. Thought I would try it as a way to help give customers a way to spend money, average charge is $5.50. With the amount that world pay charges it is a little painful.

28% for $5.50 average? That's crazy. Maybe there's not many charges per month then?

 

[copperglobe]

For low ticket items/sales I can't find any merchant provider that is lower than World Pay. Costco, TSYS, World Pay and some others all are quoting around the 20-25% range for a $1.00 charge. Nayax is the only one that charges a lower rate regardless of amount with no transaction fee however they charge a monthly fee of $9 per terminal. Their rate is from 3.1-3.5% per transaction.

Cryptopay and World Pay sure don't want to talk about it when you give them a call.

 

[sparkey]

I would check out first data. I believe they are a little cheaper.

 

[MEP001]

I would check out first data. I believe they are a little cheaper.

You're stuck with WorldPay using Cryptopay hardware.

 

[sparkey]

You're stuck with WorldPay using Cryptopay hardware.

Wrong... I have cryptopay. I use first data. You have a choice when you buy the unit. You can sign up for Worldpay or first data. I remember checking both when I signed up and first data was cheaper so I went with it. Mine runs between 12-18% usually.

 

[MEP001]

Wrong... I have cryptopay. I use first data. You have a choice when you buy the unit. You can sign up for Worldpay or first data. I remember checking both when I signed up and first data was cheaper so I went with it. Mine runs between 12-18% usually.

Maybe it's an area thing, I was told by Cryptopay as well as other local operators that it's just WorldPay.

 

[Earl Weiss]

Wrong... I have cryptopay. I use first data. You have a choice when you buy the unit. You can sign up for Worldpay or first data. I remember checking both when I signed up and first data was cheaper so I went with it. Mine runs between 12-18% usually.

I use first Data as well. My SS Bays and Tunnel (EE with $3.50 Base Wash) run 5.5% / Month.

 

[OurTown]

Has anyone switched from Worldpay to First Data?