CryptoPay Fees

[robblackburn]

What type of fees are you guys seeing on CryptoPay in the SS Bays ? I am told they can be high with CryptoPay but would like to check with someone actually using the system. Thanks

Rob

 

[Earl Weiss]

I clear thru first Data with Cryptopay. However my EE uses the same system. While this may ad more transactions thatn the average SS it does not really ad more larger dollar transactions since the base wash ios $3.50.

All in exclusive of internet connection it is running about 6% a month. Sometimess a tad less, sometimes a tad more.

 

[Kevin James]

Crypto-Pay told me that a small ticket transaction the fee would ¼ of a percent + 6 cents per transaction. Would this be good?

 

[MEP001]

That's pretty darn good.

 

[Earl Weiss]

You need to get the "all In" cost because servicers will tell you everything THEY charge, there are other fees and charges involved. They often tell you what they charge "plus other costs like interbank charges and other stuff that goes to other parties that they do not control.

 

[slash007]

I was told by First Data that there was a 4 cents auth fee, but that each transaction would have to be authed twice, so basically 8 cents per transaction plus the interchange fees.

 

[copperglobe]

I have one CryptoPay on one vacuum using First Data with $1.00 sale per swipe. This setup is an experiment to see how it runs. My statements have averaged $55 per month gross sales on Cryptopay with $12.30 in charges and fees. In other words, 22.36% in charges of my gross sales. Way too high for me.

 

[Earl Weiss]

I have one CryptoPay on one vacuum using First Data with $1.00 sale per swipe. This setup is an experiment to see how it runs. My statements have averaged $55 per month gross sales on Cryptopay with $12.30 in charges and fees. In other words, 22.36% in charges of my gross sales. Way too high for me.

The experiment is flawed or you are not a candidated for any CC setup. If you are always using the CC for $1.00 transactions the fees will be way to high as a percentage because it's the same swipe fee for $1.00, $5.00 or $10.00.

The breakdown of fees is a nightmare but to sum it up, last month with an average credit card purchase of $5.55, the all in fee percentage was 5.8%

 

[copperglobe]

".....or you are not a candidated for any CC setup."

what does this mean? What does "candidated" mean?

 

[JMMUSTANG]

copperglobe can you move the cryptopay to a bay?
That might change your percentages due to higher income per swipe.

 

[Jeff_L]

Copperglobe - I believe what he means is that setting your vac to $1 per swipe is counter-intuitive to what the cc is about. The per swipe charge is a killer for all of us. Is it possible to swap to a count up system on your vacs? This would reduce the same customer swiping multiple times thus reducing your overall cost.

 

[MEP001]

I have one CryptoPay on one vacuum using First Data with $1.00 sale per swipe. This setup is an experiment to see how it runs. My statements have averaged $55 per month gross sales on Cryptopay with $12.30 in charges and fees. In other words, 22.36% in charges of my gross sales. Way too high for me.

How do your fees break down?

Are any of the "charges and fees" a monthly one?

If you could remove the "per swipe" charges, would it have worked out better for you?

What about increasing the minimum for credit card to $2?

 

[Earl Weiss]

".....or you are not a candidated for any CC setup."

what does this mean? What does "candidated" mean?

If a large share of your transactions will be for very low amounts -$1 -$2 the percentage of fees will be higher, no matter what CC provider you use.

Simple but non exact (and way too high %) example. With 55 $1.00 swipes and a 10 cent swipe fee ($5.50 Total) and and 10% other fees your fees are $11.00 or 20%.

With 55 $3.00 Swipes (average) the Swipe fee is still $5.50 and the other fees are $16.50 or $22.00 = 13.33%

In reviewing your post about average of 22.36% I can't he;p but wonder if the "average" did not include some original set up charges?

 

[copperglobe]

There were no setup charges on the vacuum that I'm talking about. It's just the fees and charges associated with people using the vac with their debit/credit cards. I understand the "swipe" fee as discussed. My concern and wonder is that Cryptopay (and others) advertise that their machines can be used on ss bays, acw bays, vacs and vending machines. If a person does install on those low price machines like vacs and vending then they should be ready to pay hefty percentages to these merchant providers.

 

[Earl Weiss]

Perhaps someone else can answer. I seem to recall that some of the CC systems combined multiple swipes in one day into a single transaction. So, if a person swiped at a Vac and then a Bay it would only incur the one charge.

Can anyone answer for sure vis a vis Cryptopay and others?

 

[p.arrindell@gmail.com]

Cryptopay / Genesis is a great company with great customer service. Their processing have become excessive though. Last year I was paying about 5.5% until I switched to Worldpay (who has a better virtual terminal site). I am now paying 9.59% which is incredibly high for small ticket transactions. I am looking into switching to a Hamilton DAN, although it is far more expensive to purchase and install it is reliable and the fees are far lower. I recon that I will pay for it in about 1.5 years through fee savings.

 

[MDrost1]

Cryptopay batches the credit card swipes every two hours. If you have a SS bay with the swiper and that card user uses the SS and swipes on a CP outfitted vac, you are only charged one swipe fee. A nice way to curb the vac swipe fee.

I just purchased a "ACW4" retro fit kit. My ACW is need of a face lift, and high speed CC. I think customers expect at least a high speed CC transaction. The new retro fit kit comes with a new lexan face for the ACW.

That being said I currently pay a rate of .30% for dial up CC, and a $.10 transaction fee. My World pay is .25% and $.06 transaction fee. Plus I get to drop the phone line. Seems like a no brainer, right? Let me know if I am crazy.

: ).

 

[Earl Weiss]

Cryptopay / Genesis is a great company with great customer service. Their processing have become excessive though. Last year I was paying about 5.5% until I switched to Worldpay (who has a better virtual terminal site). I am now paying 9.59% which is incredibly high for small ticket transactions.

Color me confused. You were paying 5.5% until you switched processors. This seems to be a processor issue, not a cryptopay issue. I pay about 5.5% with Cryptopay processing thru First Data.

I don't know what advantage the 'Virtual terminal site is" but I would submit it's either worth the extra $ or it's not.

 

[p.arrindell@gmail.com]

Cryptopay batches the credit card swipes every two hours. If you have a SS bay with the swiper and that card user uses the SS and swipes on a CP outfitted vac, you are only charged one swipe fee. A nice way to curb the vac swipe fee.

I just purchased a "ACW4" retro fit kit. My ACW is need of a face lift, and high speed CC. I think customers expect at least a high speed CC transaction. The new retro fit kit comes with a new lexan face for the ACW.

That being said I currently pay a rate of .30% for dial up CC, and a $.10 transaction fee. My World pay is .25% and $.06 transaction fee. Plus I get to drop the phone line. Seems like a no brainer, right? Let me know if I am crazy.

: ).

I also have the cryptopay acw package and I love it compared to my old system. I would love to compare statements. My average ticket is about @7.50 and they take about 9.5% of that plus what ever else comes out at the end of the month.

 

[sparkey]

I also have the cryptopay acw package and I love it compared to my old system. I would love to compare statements. My average ticket is about @7.50 and they take about 9.5% of that plus what ever else comes out at the end of the month.

9.5% seems excessive to me. I still have the old dial up with my ACW4 through tsys with an average ticket a little less than yours and I range from 4.5 - 5.5% per month. That includes all fees. I have a petwash I was thinking of trying cryptopay in but their fees look outrageous. I take if you go with cryptopay you have to use their processing company?