Credit Card "All In Fees"

[Earl Weiss]

Just got July statement. It covers Tunnel and SS Bays with Cryptopay. Split is about 2/3 Tunnel and 1/3 Bays by Dollar amounts.

I was running about 5.5% "All in" - Just take Total fees / Total submitted and now it's 6.3%.

Need to investigate further. Anyone else note a recent increase?

 

[OurTown]

Ours went down .2% compared to previous months. It was about 7% in June and July was about 6.8%.

 

[Earl Weiss]

I noticed a "Monthly Fee' of about $150.00. Previously the fee was $30-$50. That seems to ne the difference. I will have to see why it went up so much since total transactions and dollars was not much different.

 

[MEP001]

They may have thrown in a PCI compliance fee. TSYS has done that with a dial-up POS unit where PCI compliance doesn't even factor in.

 

[Earl Weiss]

They may have thrown in a PCI compliance fee. .

No PCI Complisnce Fee

 

[Earl Weiss]

So, after spending lots of time trying to figure it out from the statement - called them. Seems once a year there is a $99.00 compliance fee. Eliminating that fee results in "All In" fees of 5.6%.

 

[Washmee]

All in 2.9%

 

[slash007]

I was about 6% last month for the cryptopay fees.

 

[WashCardMarketing]

Curious, are these your fees from CryptoPay then paying the additional merchant fees as well? Seems quite high...

 

[Earl Weiss]

Curious, are these your fees from CryptoPay then paying the additional merchant fees as well? Seems quite high...

No, than is the"All In" fee. Take the month end statement . total fees over total sales. . For example if Total fees were $50.00 and Total sales were $1000 the 50/1000 = 5%.

 

[OASIS WASH]

Curious why cryptopay is so much more popular than E-port. Especially for you guys that have washes making good amounts of money, 2.5% instead of 5%+ would add up to some huge numbers each year. Full disclosure, I don't have either yet. I am going to add credit card shortly but leaning more towards the eport for the fees.

 

[Ghetto Wash]

I installed Crypto Pay about a year ago. Performance has been poor. For July, sales were $401.25. World Pay fees were $72.32, making my all in credit card processing expense for the month a little over 18%. I assume my expense percentage is so high because my sales are so low. The lowest monthly expenses I've seen still ran 13%.

If I had to do it over again I wouldn't do it.

 

[Earl Weiss]

Curious why cryptopay is so much more popular than E-port. Especially for you guys that have washes making good amounts of money, 2.5% instead of 5%+ would add up to some huge numbers each year. .

Not sure if it was e-port or some other company but one of them neeed a cellular connection or something else with a per swiper per month fee, Since I already had internet on site to view cameras and for the Tunnel CC I could use that for cryptopay as well. Otherwise you need to weigh the connection costs although it is not a CC Fee. FWIW 2.5% seems unbelievably low as an "All In" fee. You have to be careful comparing quoted fees because often companies tell you what they charge which is in addition to ll the other fees.

 

[Earl Weiss]

I installed Crypto Pay about a year ago. Performance has been poor. For July, sales were $401.25. .

Do you expect that July was average? Assuming it was and your annual net CC Sales were $4000 or so, what did it cost you to install the swipers?

 

[OASIS WASH]

There is an $8 per pay fee for the e port. I am not sure of any other fees. You are correct that it runs on cell phone, which means you don't have to have internet either. Again, not saying its better but it adds up to a whole lot when you are making good money at your wash. I have internet already at my wash as well for my cameras.

 

[OurTown]

I would like to know what eport's "all in" fees would be. It seems like I read that there are some issues with it and people were replacing it with Cryptopay.

 

[Earl Weiss]

There is an $8 per pay fee for the e port. .

If your Bay runs $400 / Month in CC receipts that is 2% So it depends on Volume since $800/mo / Bay is 1%. I am probably closer to the $400 / mo / bay.

 

[bighead]

I've reported before, but in my SS/IBA with my hamilton DAN system I am getting below 3% using e-xact and costco/elavon. I'm confident i'm doing the math right.

I have since added cryptopay at 3 of my sites just on the vacuums (way easier than switching timers and running wires) but to offset the higher fees I raised the vac prices. Its almost been a year and I would call it a success. My trailing 3 month revenue average is up over 30% at each location (but who knows how much is due to raising vac prices)

We are in the PNW and a lot of people use cards around here, on average i'd say roughly 65-70%...

 

[slash007]

Curious, are these your fees from CryptoPay then paying the additional merchant fees as well? Seems quite high...

Those are my processing fees from First Data. Cryptopay themselves don't' charge any fees.

 

[pgrzes]

I have talked recently with Cryptopay about adding an option to be able to charge a sales tax fee. I do a decent business at my two sites with my Cryptopay and would love to be able to check a box and add a tax amount to the transactions. If we all get together and keep pushing Crypto to do this I think it can happen pretty easily. Tom said it is on his list of ideas but not real high on list. Last I checked my Crypto all ins I was around 5.6%, so then add another 6% for sales tax and it gets costly. Everyone message Tom and tell him we need a sales tax option!!