Credit Card Query

Home Serve

What is the easiest and least expensive way to accept credit cards these days for a home improvement project? I just had a potential customer ask if we accept them. I can not remember the last time anyone asked me that. We always deal in cash but I do not want to risk losing a job in this economy. Have to get something figured out for this soon as to not lose the job.
Thanks
Dave

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Missouri Remodeling Company with services for Replacement Windows Vinyl Siding and Entry Doors

Patrick

We use Bank of America, pretty low fee's and if entered in by midnight the money is in our account by 6am the next business day. We have the old fashioned card swiper, and call in sales on the phone. We only do a few a month.

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Originally Posted by Celtic
Like I said...I'm sure you are very good at what you do ~ whatever that is and where ever it happens.

Sir Mixalot

Check with your bank.

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-Paul

PeckDrywallandPainting.com
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Melbourne, Fl Painting Contractor | Melbourne, Fl Drywall Contractor

Security101

Unless there's a new player or deal out there, PayPal...

Jim

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Ed the Roofer

The easieast and least expensive way, is in face to face transactions, where the customer is present for you to swipe the card through a reader.

Rates vary, but so do the add on fees, contract length, and equipment fees required.

I have gotten quotes for 1.54% up to 3% so far. This is for Master Card and Visa only, which should be sufficient, but leave your options open for the other ones too, when you apply. The cost more than 1/2 percent higher, but a sale is a slae, especially if you have the transaction fees accounted for in your operating expenses fees breakdown.

I think that the one I am most comfortable with has a great rate of 1.69%.

Now, if you take the cards over the phone or online, the discount rate, (Fees they Charge You), goes up approximately 1/2 percent, just to throw an approximate figure out there for you.

You can not charge more for accepting credit cards, but you can discount your pricing for those that pay by either check or cash, otherwise you would be in violation of the merchant account agreement you signed.

They all also charge higher fees for customers who use Discover or American Express Credit Cards.

Another thing that "Could" get rather expensive and tie up you antticipated funds, is a Charge-Back. When a customer enters a dispute, the funds go into limbo for a period of time until it is resolved to the merchants satisfaction.

Make sure to use a signature form to waive the right to renig on any payments made, via their credit card.

Ed

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ChainsawCharlie

If you rarely have cc requests, then Paypal is the way to go. The fee is 3%, but there's no monthly fees.

AtlRemodeling

If you have a company cc you can check with them. When we accepted credit cards, we had cards with and used Advanta to process are receipts. Cant remember the rates but they were very competitive. Also places like Costco and Sam's are supposed to offer good rates but I have not researched it in a while.

Mike(VA)

If you are a Costco business member, they, I think, still offer merchant cc services. Reasonable rates. However, unless you plan to offer this service to all your customers and use it on a regular basis, the set up expense for any cc service is not worth it.

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I EXPECT THAT SOMEDAY I WILL SEE THE FRUITS OF MY LABOR. IS IT SOMEDAY YET?
Clifton, Great Falls, McLean, Fairfax Station, Manassas, Virginia Renovation Contractor

Tiger

I just got a call from PayPal & was quoted $30/month????!!!!

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www.TigerElectrical.com

ChainsawCharlie

??

That must be an actual merchant account. If you have a website, customers can pay through there if you set it up and there is no monthly fee.

And then there is the method I use-email payments. I send an invoice'email request for payment. My customers can then pay by credit card. It costs me 2.9% plus thirty cents.

Info: https://www.paypal.com/cgi-bin/websc...erview-outside

mosawdust

Definately check with your local bank. I just did this on Wednesday. My bank sources their service through First National Merchant Solutions. By going through them they offered discounted rates.

1.56% + .20 for debit card
1.76% + .20 for visa, m/c & discover
2.72% + .20 key entry
3.15% + .20 key entry, bonus & milage rewards

Anual fee - $85.00
No Monthly service fees
Minium c/c charge - $25.00
No batch fees
No cancellation fees
Comes with card swipe machine (phone line, V-510LE) for either $5.00 month rental or purchase for ($200.00) discounted.

Tiger

I see from your link that they quoted Virtual Terminal.
Thank you

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www.TigerElectrical.com

deck king

There is another option, on the back of the credit cards there is a number that the card holder can call and order and hane checks sent to them that you can cash at any bank. they still get there reward points and you
don't pay the 3% fee.
Also be aware, if a customer disputes any payment on a credit card, the first thing the card company does is to pull the money right back from your account. (they don't verify the complaint first) then they request a response from you and then they try to resolve the dispute, but the money does not get replaced until the dispute is resolved! So, I would recommend if you do accept credit cards, set up the account so it is attached to it's own bank account and have any money automatically transford to your cheching or whatever account you receivables go into.
If it is set up this way and there is a dispute, your incontrol of the funds not the credit card company.( who, by the way values the card holders
much more than the businesses) Good luck!

Mike Finley

This would be the way to go!!!

mosawdust

I really like this idea. Thank You

RenaissanceR

[deleted]

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