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Discussion Starter · #1 ·
I've got a lender I'm using for in - home financing that gives the HO a CC for the balance of the project. One that project is complete the HO can either swipe that card or give me the card info for a key in.

My biggest gripe is that not only does the lender charge me 6.5% (I pass that one to the customer) but to process the card it looks like will run me another 3.5%. Sheesh!

What options are you guys using to process these transactions? I've been looking at some different options (paypal, website payment processing, square) but it looks like are wanting to hold large transactions for 30 days.

Any advice is greatly appreciated!
 

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BoA or Bank Merchant services

I have inquired this kind of service with bank of america. You are looking for merchant services. They are pretty cheap. Best one is paypal but you cant they dont have that much phone support. Intuit does this too. Best thing is capl your bank and ask to be referrer to a merchant service provider. Lesser headaches that way.
 

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Discussion Starter · #3 ·
I've looked into paypal and currently use quickbooks online but never thought of my local bank. Thanks for the heads up!
 

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for CC processing I use square. if you swipe the card it goes into your account in a couple days, if you punch it in the fee doubles and most of the money is held for 60 days I think. I only made that mistake once when a card wouldn't swipe.
 

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Discussion Starter · #5 ·
Okay....

I was kinda turned off on the 30 day hold but if it's only on keyed entry that's different. Thanks for the info!
 

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I used Square the other day and the card wouldn't swipe. I keyed it in, I really didn't want to but I had no choice. Yes I paid a higher % but it's part of a business. BTW, on the keyed in charge, I had the funds in my bank the next day like usual.

I figured out why the card wouldn't swipe when I got home. I had done an update on the square register software and it created the problem. So from now one after an update, I will test swipe my card to verify that the update went in OK.
 

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Discussion Starter · #8 ·
I had a company call me yesterday. 2.05% with a $60/mo fee. I think with my average sale being around $8k-$97k that's cheaper than the square.
 

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I used Square the other day and the card wouldn't swipe. I keyed it in, I really didn't want to but I had no choice. Yes I paid a higher % but it's part of a business. BTW, on the keyed in charge, I had the funds in my bank the next day like usual.

I figured out why the card wouldn't swipe when I got home. I had done an update on the square register software and it created the problem. So from now one after an update, I will test swipe my card to verify that the update went in OK.
There is a limit with keying it in, maybe $2k? The rest is what they hold on to for 60 or 90 days
 

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I Hate BOA but use them for merchant services because since they are a bank the fund are in my account next day
 
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