Credit Cards

C.C.R.

I'm meeting with someone from my bank tomorrow to talk about accepting credit cards. Is there anything I should be looking for in a price? Also I'm thinking this will boost sales due to the convenience of credit cards. Has anyone experienced a boost in sales simply due to accepting credit cards?
Thanks

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dougchips

Boost sales= yes and a big yes. Before we took them people would ask at the time of the estimate and we would just say no. Some of these "no s" did not turn into jobs. I played around for months trying to get a good deal on card rate and settled for quickbooks because their system is easy. Now over 50% of our business is credit cards. It takes about 3 days for the funds to appear in my bank account. This is quicker than waiting for a big check to clear.

I raised our prices 5% across the board to cover for the money that the credit card companies take from me. Now I really do not care how people pay so long as I offer every way possible.


"The Juice" or "Your Discount"
Some places charge you a monthly fee for accepting cards, I pay around $20.00.

Some place charge you a per transaction fee, I pay I think 10 cents.

Some places charge you a monthly minimum fee charge, I pay $20.00. (If I have no charges they still charge me $20, has not happened yet)

You will have to set up an account with Amex and Discover, they charge 2.45% and 2.95%--more than MC/Visa but my 5% still covers it.

When you are ready for financing, let me know.

Glasshousebltr

As far payment from a customer......I can't tell ya jack......However, from the other side of the spectrum, mixed with a few ex wives they'll put you in cracker jack cuisine before the dew drys off your dragon.

Bob

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Bob

C.C.R.

Thanks glass' I'll watch out for that???????

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thom

I just build spec houses now and putting $250,000. on a credit card probably isn't going to happen, however, about 15 years ago I just finished a bathroom remodel when the woman of the house asked me if I took credit cards. I responded no, I take hostages. She gave me a check.

C.C.R.

Thanks dough, I just started using QB and noticed that they offer CC processing, If I use my bank will it work with QB? I ask because the woman I spoke to, at the bank, said $ is in the account next day.

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PressurePros

If your credit is good, everything is negotiable.

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George Z

This has been discussed a lot.
Search and you will find.
Most of our sales are through credit cards.
You are right, money in the bank the following day,
no chasing your deposits and balances.
Saves you trips to the bank too.
All this for about 1.7%

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dougchips

You can download your bank info into Quickbooks. I just like to be able to go to quickbooks and enter the customer info and the creditcard info in one step. I am lazy.

dougchips

George, are you getting next day funding with Amex and Discover? If so, what rates are they charging you? Your 1.7% must be for MC/Visa or I am getting screwed.

Stone Mountain

Rates are different here in Canada. My son pays 2.5% on Visa Mastercard, my one lumber supplier insists he's at 3%, and we are at 2%. If we were to get every visa transaction signed, it would be 1.7%, but we take a lot of our payment verbally over the phne. For that priviledge I pay an extra .3%. Well worth it.

I don't take Amex because they want 3.5%.

Probably 50% of my business is now payment by CC. Very convenient.

Conversely, I pay 70 % of my bills by CC, all of it on cards with travel points. Next month I'm going to Vegas, and all my travel, car rental, and hotel will be on points!

Steve

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George Z

We only take Mastercard and Visa, mostly over the phone.
The 1.7% rate is a group rate through B. Moore, but 2% is available.

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jdizon

As far payment from a customer......I can't tell ya jack......However, from the other side of the spectrum, mixed with a few ex wives they'll put you in cracker jack cuisine before the dew drys off your dragon. Merchantaccountsllc[.]com

MALCO.New.York

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Stewy

this looks like an old post but now most credit cards supply their customers with checks to use for purchases on the credit card account so i figured why take the extra expence of accepting the cards.