Best Merchant account rates

[jav]

Just wondering who has the best credit card rates for car washes. I currently accept credit cards for the auto...but I want to add credit cards to my self serve. I have a hard time justifying it with my currents rates though.
I use paymentech with chase. .20 or .25 transaction fee depending on which card is used plus 1.2% or 1.65%....I would have a hard time paying .25-.30 for a $2.50 self serve ticket, thats 10% or better.....
Just wondering who has the best rates, and what they are......

thanks

 

[Happycarz]

Just curious - what is your effective rate? That is, take your total card fees and divide total customer useage into it. My rate on my self serve (no iba's) is 5.1% - 5.8%, depending on average ticket size and rewards cards. The credit card user spends not quite double the time compared to the coin/token user. It works for me.

 

[Jeff_L]

I have a higher minimum on my self serve credit card than I do my self serve cash. You can do it that way, as long as the customer would receive the same amount of time if they were to put in cash.

For example, let's say you give 30sec per quarter. If you implement a minimum credit card charge of $3, then you would have to set the customer use time at 6 minutes (if my calculations are correct). Which would be the same as if the customer had stuck in 12 quarters.

 

[jav]

My effective rate for the IBA runs between 3.5%-5.4% depending on wash and card used...I would be fine with an effective rate in the 5% range for self serve, but with my current rates I would have to have close to a $5.00 ticket for self serve to be in a 5% range.. A $3.00 self serve ticket would run between 8%-10% on my current rates.....What company do you use to get a rate in the 5% range?? The few providers I have talked with are all very close to my current rates....

Thanks for the information

 

[Chiefs]

We deal with our bank on credit cards and we accept only Visa and Mastercard and our rate is a flat 2.88% and no transation fees. Our average cc ticket is around $18.00 for our exterior tunnel.

 

[Happycarz]

I'm using Bank of America, 3.08%, 10 cents/swipe, and rewards card charges, which gets us to the 5% plus rate.

 

[Reds]

I'm using Chase Paymentech and my effective rate for 2008 was 4.36%

 

[jprb]

Chiefs, what bank are you using?

Reds, what is your average ticket?


JPRB

 

[ted mcmeekin]

We have CC readers for IBA's. Our avg ticket in January was about $7.70 and all in charges (interchange,service and fees) was 5%. This avg ticket was a little lower than norm as we had some who just want to get the salt off.

Ted

 

[Reds]

JPRB - I only accept credit in my IBA's, not in SS. Average credit ticket = $7.64 Average cash ticket = $ 7.23

 

[AdamA]

Credit card rates

Could anyone using a service that is not through their bank, and likes it, post or PM details?

My bank changed processors so I have to change. Currently paying no swipe fee, $8 average ticket, but I cc readers to my self serve bays recently, so ave. could come down.

I use the Hamilton DAN system to process over the Internet, so other DAN users might be especially helpful. I have emailed Hamilton and will share any info I get.

Thanks!

Adam

 

[mmurra]

Just wondering what others are currently paying for Credit/debit transaction rates. My average ticket is $6 (WAYW) and my rate is over 8%. I have Hamilton ACW's and use RBS Lynk to clear. I need a better deal. Help! Mark

 

[MEP001]

I picked up a flyer from Costco that advertised something really low like 3% and no transaction fees - that seems ideal for lots of small transactions. I don't recall who it was.

 

[Earl Weiss]

The Chicagoland Car wash Ass. Got some sort of deal with First Data .

Overall with tunnel and SS bays has been running 4.9% - 5.4% including everything. I jsut figure total receipts and total CC costs.

Be careful when quoted a "rate" because that is typicaly what the company charges and it's "PLUS" other items like "interchange rates".

 

[ted mcmeekin]

We had rate creep with first data and changed to TSYS last month. First statement all in charges added to 3.76 %--of course charges vary but they estimated it would be about 3.8% based on our transaction history. If this holds we will be happy. There is a $125/acw hamilton reprogramming fee.

Ted

 

[mmurra]

Thanks for the input. Please keep your recommendations coming!! Mark

 

[GoBuckeyes]

We had rate creep with first data and changed to TSYS last month. First statement all in charges added to 3.76 %--of course charges vary but they estimated it would be about 3.8% based on our transaction history. If this holds we will be happy. There is a $125/acw hamilton reprogramming fee.

Ted

Ted, could you let us know when you get your next statement what it works out to again? If it holds, that would be way better than what I'm paying with WorldPay. I'm married to them through November, but after that they're gone.

If memory serves me right, I thought someone else switched to TSYS and had a bad experience?

I'm also considering changing my ACW's to crytopay because of that fee. This will be at least the third time I've paid that and you know it wont be the last. I may as well avoid it and speed up my customer's transaction time.

Thanks

 

[ted mcmeekin]

Month two statement results in 3.84 % that's everything included .

Ted

 

[GoBuckeyes]

Month two statement results in 3.84 % that's everything included .

Ted

Thats awesome Ted. I just printed out my WorldPay statements for April and they're killing me. My busiest location averaged $11.46/wash and all in for fees etc it worked out to 8.4%! If you think thats bad, my slowest location averaged $10.93/car and had an all in fee percentage of 11.4!! Of course, I call WorldPay and they make it sound like its all VISA/MC's fault and I'll be paying that no matter who my processor is. Like I said earlier, I'm married to them through November I believe. I have a few months to pick a processor.

 

[Jeff_L]

Call John at TSYS - he took care of me when I switched over. His contact info is below.

T|SYS| Merchant Solutions, LLC
John Gunset / Merchant Advocate
1620 Dodge Street, 24 NE
Omaha, NE 68197
P:402-574-7122
F:866-645-4492
E:jgunset@tsys.com
www.tsysmerchantsolutions.com