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MG1890
Senior Member

USA
1972 Posts

Posted - 08/22/2011 :  4:29:24 PM  Show Profile  Reply with Quote
Background info: My wife and I own & operate a 7000 sq. ft. antique co-op store (amongst other things!!). We have about 50 full time vendors. Sales volume is 800 – 1000 items per month. We only open for business on Saturdays. Currently we accept only cash & checks. To keep overhead low, we have no traditional phone lines (landlines). What would be the easiest, most economical method of accepting credit cards for payment? We have had traditional merchant accounts in the past, but we will not again buy or rent a terminal. Nor do we want the phone line. What about the iphone app? Seems easy, fixed 2.75% is OK, what am I missing? How about a PC with wireless subscription? Anybody actually use any of these newer methods? Please advise……

bpost
Moderator

USA
29240 Posts

Posted - 08/22/2011 :  4:31:58 PM  Show Profile  Reply with Quote
The first person to call is your business banker. My commercial banker gave us the account, gave us the terminals and only hit us with 1.75% transaction fee.

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Locust Fork
Moderator

USA
24980 Posts

Posted - 08/22/2011 :  4:39:44 PM  Show Profile  Reply with Quote
Don't rent a terminal. You can run cc transactions through your computer these days. I don't use the phone for my cc transactions, no rental fee for the machine. There are some very aggravating things about taking cc payments.

The money isn't in your account for 5 business days at times

The "gateway" companies charge crazy fees that are impossible to figure out sometimes

If there is ever ANY type of issue the cc company is the customer's best friend

There will be different fees for different cards that you will not be able to discern before running a card

They batch every transaction into one lump at the end of the day, take out their fees and this makes it nearly impossible to figure out what has and hasn't been completed

Its frustrating....but worth it in the end to take cc if you sell ANYTHING these days.

Click here to check out my auctions?..I double dog dare you to!!!

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DancesWithSheep
Advanced Member

14351 Posts

Posted - 08/22/2011 :  5:11:32 PM  Show Profile  Reply with Quote
quote:
Originally posted by MG1890

Background info: My wife and I own & operate a 7000 sq. ft. antique co-op store (amongst other things!!). We have about 50 full time vendors. Sales volume is 800 – 1000 items per month. We only open for business on Saturdays. Currently we accept only cash & checks. To keep overhead low, we have no traditional phone lines (landlines). What would be the easiest, most economical method of accepting credit cards for payment? We have had traditional merchant accounts in the past, but we will not again buy or rent a terminal. Nor do we want the phone line. What about the iphone app? Seems easy, fixed 2.75% is OK, what am I missing? How about a PC with wireless subscription? Anybody actually use any of these newer methods? Please advise……


You will never be PCI-compliant.
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MG1890
Senior Member

USA
1972 Posts

Posted - 08/23/2011 :  10:15:04 AM  Show Profile  Reply with Quote
If my banker were to set us up with a free terminal, I suppose I could pop for a landline to connect to.... I will ask the bank. 1.75% is good.

Good point on the ambiguity of the fees. I have experienced this, also.

Sorry, what is "PCI" compliance?
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Bubba Jr.
Advanced Member

USA
5041 Posts

Posted - 08/23/2011 :  10:44:57 AM  Show Profile  Reply with Quote
Here's a link for PCI compliance.

http://www.pcicomplianceguide.org/
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fordsix
Advanced Member

5816 Posts

Posted - 08/23/2011 :  10:48:40 AM  Show Profile  Reply with Quote
i hear that if you have one of those new fangled smart phones it lets you do CC on it
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DancesWithSheep
Advanced Member

14351 Posts

Posted - 08/23/2011 :  10:57:28 AM  Show Profile  Reply with Quote
quote:
Originally posted by MG1890

Sorry, what is "PCI" compliance?


PCI is an international financial standard (GOOGLE PCI compliance) mandating that any business entity processing customer credit card payments must comply with 12 requirements for data security for both POS software and back office operation. Should you have a security breach (a customer's payment card account is hacked) or if Visa, MasterCard, Discover, etc., decide to audit you and you are found non-compliant, you can be fined up to $25000 per day per incident until you are.

Email if you want more info.
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