Best Merchant account rates

[Rudy]

I got a flyer from Costco touting a 2.49% flat rate fee from Elavon. I called them. No contract, no add on fees....just a simple 2.49%.

I'm currently with First Data. Many, many fees. I take the total received, divided by the total in fees paid....and it's just under 5%.

Sounds to easy. Anybody got a perspective on this?

 

[bighead]

Been with them for 8 years with 4 different accounts. They have been great to deal with. One of my litmus tests for merchant accounts is whether or not I have a monthly "statement fee" or any other BS like that. With Elavon (as a Costco member) you don't.

 

[chiggybite]

Just switched to Crptopay and paying a flat $79 per month with Firstdata.

 

[Jimmy Buffett]

I know that Hamilton is recommending TSYS. I'm using First Data and they couldn't even get me a v number for a week! We just got a Costco so I may look into Elavon.

 

[Earl Weiss]

Just switched to Crptopay and paying a flat $79 per month with Firstdata.

Have you gotten a statement yet? if not, please report back when you get one. I doubt the $79 / month is an "All In" cost.

 

[Rudy]

I just finished my first full month with Elavon/Costco.....and there were no hidden traps. A FLAT 2.49% for Visa/MC...no additional fees. Discover was only slightly higher...and had a $0.10 additional fee per swipe. Discover is just a small amount of what we do....so that's no biggie. Seemed to good to be true...but it's true.

 

[JacksonV]

This is who I ended up selecting for SSCWN (I didn't check Elavon/Costco):

http://www.elementps.com/flash/truepricing/

 

[Rudy]

The good deal is about to end. I've been paying a FLAT Rate of 2.49% to process every CC transaction via Costco/Elavon. They are ending the program in June. This 2.49% rate is below some of the Reward card interchange rates....so they are putting an end to my good deal.

Does anybody have a provider which doesn't have a per swipe charge? That's where our "small tickets" kill us.

The lowest swipe charge (per transaction) that I've found is in the $0.05 range....using an "interchange plus" pricing model.

Anyone have any advice ?

 

[waright]

same location 2 iba average under 4% with Hamilton and tsys. Self serve bays average over 8% with cryptopay and world pay. I have the dial up Hamilton. Been thinking about cryptopay for the autos, but it doesn't pencil out. Now I'm thinking dan system. I can get either system for about the same $$, I think. Only concern is that I have a lot of issues with the Hamilton credit card system needing reset, needing power supplies, etc.

 

[MEP001]

You'd definitely pay a lot more for the D.A.N. system hardware than CryptoPay for your auto bays. The D.A.N. computer is a bit over $3,000 if you supply your own keyboard, mouse, and display, over $4,000 with touchscreen. If you have Goldlines you'd need a $300 interface for each one.

Your issues with power supplies and needing to be reset are probably from dirty power. That can be fixed pretty cheap. IMO unless you want or need the D.A.N. for its other features you'll gain little but a slightly faster processing time.

 

[copperglobe]

Yes, I called Costco/Elavon and they do not offer a non-transaction fee anymore. It's all a percentage and a per-swipe fee. Kills those $1.00 charges.

 

[Indiana Wash]

My effective rate for Hamilton is:

$0.40 to my credit card processor for a $10 transaction (my average)
$0.13 to e-xact
$0.11 DAN computer cost over its 9 year obsolescence
$0.06 DAN additional equipment readers and computers during its period of obsolescence

$0.70 or 7% with a DAN. Too high in my opinion!

Also, with Hamilton, you have to log into trustwave to complete PCI compliance form annually or pay an additional fee. I do not think you have to do this with Cryptopay.