4.5% Credit Card Processing?

[Red Baron]

This is what I pay thru Sterling - am I paying too much?

 

[washnvac]

My average ends of being 6.5% after all the little add ons they get you for.

 

[MEP001]

Ours is low (1.3%) but the transaction fees are way too high. Since the in-bay CC system doesn't batch we end up with four separate transaction fees per swipe. I've seen some that are as high as yours with no other fees, which would end up cheaper.

 

[Chiefs]

We pay 2.87% for Visa, Mastercard and Discover through our back (5th/3rd bank) with no transaction fees. Of course, american express is another story. However, 96.7% of transactions were through Visa and Mastercard.

Also, I have been approached by a company called First Pay (www.firstpayusa.com) with a rate for credit cards of 1.69% and 1.29% for Visa/MC debit cards (no pin #). They are trying to tell me that 99% of trnasactions will be with these checking Visa/MCs and that they will save me a little over $1,000 a year. However, I am very skeptical of that 99% figure as when I researched credit card usage, I found that 84% of African Americans (who comprise about 70% of our customer base) carry a credit card balance. This means that they are not using the Debit Visa?MC but rather straight credit cards whcih lead me not to belive their claims of great savings. But stikll, they are comparable to what I am paying now through my bank.

 

[washnvac]

Usually everyone's discount rate is in the 1.5-2.5% range. It is the add ons of nq cards, corporate cards, elite cards, visa apf fees, etc. I take my total fees divided by the total cc sales, and get the real rate.

 

[Jimmy Buffett]

It has always been about as difficult to figure out as my phone bill. I try it once a year, end up calling my company and they give me a little better rate every time. Those reward cards are brutal. Call your provider and ask them to explain. I bet they offer you a better deal.

 

[Baywash]

It has always been about as difficult to figure out as my phone bill. I try it once a year, end up calling my company and they give me a little better rate every time. Those reward cards are brutal. Call your provider and ask them to explain. I bet they offer you a better deal.

I like to keep it simple...I take the total fee I'm charged and devide it by total sales and presto...I have my rate. All said and done, I pay around 5.2%. Many companies will suck you in with a low rate, but then put the screws to you with transaction fees.

 

[guitarandy]

I like to keep it simple...I take the total fee I'm charged and devide it by total sales and presto...I have my rate. All said and done, I pay around 5.2%. Many companies will suck you in with a low rate, but then put the screws to you with transaction fees.

Same here. The best I can figure from my first month with First Data , I am paying 5.3% total.

 

[guitarandy]

Many companies will suck you in with a low rate, but then put the screws to you with transaction fees.

You are right on the low rate quote. I thought that First Data was going to charge a flat rate of .30 cents per transaction. Mine actually ends up at .50 cents per transaction with all fees included.
If anyone has a better deal please let us know.