I'll share something that will shock you. A real view of what taking credit card payments looks like
Locust Fork
Member Posts: 32,002 ✭✭✭✭
Anyone griping about paying CC fees needs to take a look at the nonsense I am sharing with you guys tonight. This is a list of MONTHLY fees, this is NOT the percentage fees that are taken out of the individual transactions. I pay between 2 to just under 3% for every sale that a person uses a credit card for. This is taken out of every batch at the end of the day.
So, if I collect $1000 using a cc.....they will deposit around $970.
This list of fees that is shown is NOT those fees.....these fees are on top of those fees. These fees add up to $961 this month.....this is on top of the little fee they take out of every transaction.
If you have a seller that isn't charging fees, they are making that money up somewhere. For someone like myself, there is no way to "cover" the fees. Looking at this list some of it you can pick out what it is....but its anyones guess what the rest might be. You can play the revolving gateway game and change companies every few months....but who has time for that nonsense? I'll probably be leaving Fortis after I've done some shopping around. We will see.
AUTH PRC CR INTL VS 1 $ 0.04
AUTH PRC CR VS 96 $ 1.87
AUTH PRC DB VS 52 $ 0.81
CAT1 DCL VS 1 $ 0.10
DF&A VS CR VOL $ 176.61
DF&A VS DB VOL $ 51.01
INTL FOR VS VOL $ 197.04 $ 0.89
NTWK FEE FOR VS $ 6.40 1 $ 6.40
PROC FEE FOR VS $ 314.24
TRANSMISSION VS 143 $ 0.26
XBRD FOR VS VOL $ 197.04 $ 1.97
BRND USG/SAFETY NET MC 113 $ 2.28
CONNECTIVITY MC 102 $ 0.24
DFA <1K MC CR $ 34.53
DFA >1K MC CR $ 70.42
DFA FOR MC CK VOL $ 20.73
DGT ENBL MC VOL $ 16.27 $ 16.27
NTWK/MER FEE-MC $ 5.73 1 $ 5.73
PROC FEE FOR MC $ 176.34
AVS FOR MC TRAN 112 $ 2.80
AVS FOR VS TRAN 148 $ 3.70
BTCH HDR CREDIT $ 5.75
MONTHLY FEE $ 9.95
MTHLY MNTC FEE $ 10.00
REG COMP FEE $ 3.42
RETURN FEE $ 0.22
Comments
Ridiculous and out of line
we can never "give" enough money for the government to waste .
to think this country was founded on being taxed to death and look at us now .
billions sent to other country's , billions spent on the homeless , drug abusers , prisoners , and welfare , untold stupid study grants the list is endless and now illegals we have ZERO say in where that money goes student loan pay off another great example and the government just keeps coming back for more
think of the countless millions maybe billions now that will flowing in for big brother now that every bank and cc company has to report more than 600.00 and they will be expecting your tax money on every penny ( I think it got passed into law )
like the rest of us just bend over and repeat "thank you sir may I have another one "
Convenience cost you money
Those charges are just for the little guys trying to make it, for giants like Wal-Mart and a number of other large corporations it don't apply.
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
Absolutely!
The thing that gets me is the way it all changes....you'll get some guy on the phone making you promises on how much money he can save you. You'll jump through all the hoops and move your business over to them. Its not long afterward that its creeping back up to or beyond what you were paying the other guy. You could hire a guy to do nothing but "try to save you money" he could shop around for your shipping boxes, get the current best rate for cc processing, look for ink cartridges, buy shipping tape from the bent and dent and you'd probably save enough to pay his salary. Its tempting.
But can't you take those fees off of your taxes?😎
LF,
EVERY company will negotiate with you. Call them, and say "I am paying too many fees, what can you do?"
And they WILL drop some of them. I had 5 or 6 different CC processors in my 22 years with my retail store. Every single one would negotiate.
They ended up getting bought out by other companies is why I'd change. After I changed, fees would be low, for a couple of years, then they'd start creeping up again.
Good luck!
Merc
That's madness. To start, I would be investigating that $176 charge. WTH, over?
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
Sure.
Processing, Banking Charges, Shipping, boxes, packing material,
Cellphone/ phones for business uses Internet
Security system, don't for get to add the security dogs and upkeep (really),
Home office, part of utilities. Cars gas upkeep
And so much more.
Yes, but thinking of claims as "money" is like finding a candy wrapper and putting it in your pocket so you can think about how good that candy must have been for whoever ate it.
I have ONE credit card and ONE only. In the last two months I have paid it down from $2700 to $250. I won't carry a balance anymore. If I can't pay cash.............I won't buy it.
The Fed is going to hike interest .75 at the next meeting...............maybe a full point.
The days of cheap credit are gone fella's.
agree with calling company's my limited experience we would call the phone carrier or dish ( cable ) service tell them were dropping them all of a sudden well I just noticed there is a special offer we can take 20 to 50.00 or pick a number off that rate and give some big reason. but with in a year the little cost and add on's would be back to square one we would call and agin we can do a special. I ask why not do the special price from day one . never got a clear answer
we just told the dish net work several years ago see ya no more hook and sinker deals , we dont miss it at all
same with the " fuel adjustment charges " added to any bill from company's ever see it go down ?
That is crazier than the old phone bills .. no one understood it.
Damn, I would ask to have that translated.
Don't worry as always they will make your profits go up with The new cashless central bank token but you will just have to give up your privacy and freedom of what you buy selll or trade for the convenience instead for the so called currency you exchange in digits on a master computer who likes taxes on profit revenues.
serf
Start accepting crypto currency.
No need to guess on that one
a accouant is a got to have any more gone are the days of kitchen table tax forms
That is what you get socked with. Imagine the folks buying things at 19-29% interest on the purchases! The credit card companies have the biggest scam ever known to mankind, they get to scrape billions off the top for doing simple transaction.
I did take crypto until GB stopped sponsoring it.....somehow it went away as a payment option and I was going to have to arrange to take it again. I don't have time to sort out what happened or how to fix it back, especially since I offer all these other payment options.
AND.....
I'll continue to accept credit cards....but I REFUSE to pay the fees. People can pay the fees that use cards since that was their choice.