Full Version: Accepting Credit cards
From: John (ICTJOHN) [#16]
20 Oct 2004
To: Ken D. (KDEVORY) [#14] 21 Oct 2004
Ken,
Well this is CapitalOne, so it's like you say, Once one starts it - they ALL will follow
From: Engravin' Dave (DATAKES) [#17]
21 Oct 2004
To: sunny (SUNSHINE5555) [#4] 23 Oct 2004
Rebecca,
I spoke with American Express today and they didn't offer the type of monthly deal that you have locked in. They do have a flat rate program of $5 per month, but if you reach the $5000 milestone in a 12 month period their rate of 2.95% would kick in.
EDITED: 21 Oct 2004 by DATAKES
From: John (ICTJOHN) [#18]
21 Oct 2004
To: Engravin' Dave (DATAKES) [#17] 21 Oct 2004
David,
I send my AmEx transactions through my regular credit card processor, they send it on to AmEx and then I get a deposit into my checking account in about 4 days from AmEx. My regular credit card processor charges me a 15 cent transaction fee at the end of the month and AmEx just takes out their 2.25% at the end of the month. I pay no monthly fees to either company. My Discover transactions are handled the same way. In fact AmEx and Discover each contacted me to set up this program. I don't have but a handful of transactions per year on either one, but it is nice to have it when the customer wants to use it. I just hate to tell my customers NO. I do have a store front, maybe they are adjusting for that. Come to think of it, I did have to send them a picture of my store front to prove it was a retail business. I thought that was a little odd at the time.
From: Ken D. (KDEVORY) [#19]
22 Oct 2004
To: John (ICTJOHN) [#18] 22 Oct 2004
The credit card companies and merchant services accounts differentiate between those who have a store front and will be swiping a physical card and those who don't.
They justify the lower rates by saying there's a lot less fraud when a customer physically hands a card that is then swiped and signed for, vs a phone or Internet transaction.
A phone or Internet transaction, when the security code and billing address are given, falls between the other two for both risk and rates. The security code is on the card, but not imprints, it's used to indicate the card is in the purchasers position. Merchants are legally required to not maintain this number anywhere. The address is additional information not on a card, useful if the card itself is stolen.
From: sunny (SUNSHINE5555) [#20]
23 Oct 2004
To: Engravin' Dave (DATAKES) [#17] 23 Oct 2004
David, that is probably the same program and I was just remembering the numbers differently. I wasn't looking at my notes at the time.
Like John, there are customers I would lose if I didn't offer Amex. We didn't have it last year at the biggest show we do and it did cost us. At the show we just came from, we put through only 4 Amex charges, but one of them was sizeable. At the show we are doing next month, one of our biggest customers will be there and they have been begging us to take Amex, so we will be making them happy.
Right now Discover only costs us if we use it, so I will probably keep it.
From: Doug (JDOUG5170) [#21]
27 Oct 2004
To: Ken D. (KDEVORY) [#15] 27 Oct 2004
In regards to the American Express immediate charge back with any customer request...they told me that it was because I'm a internet based business. Their argument is that because I don't see the card and therefore no opportunity to ask for supportive ID that I'm likely to incur more fraud.
Thankfully, I've only got a couple customers that require that I accept AmEx so I fall under the $5.00 a month program. Once that goes away, so will I.
From: Paul (JACKPETTY) [#22]
27 Oct 2004
To: Doug (JDOUG5170) [#21] 27 Oct 2004
We're with NPI and although I'm somewhat happy, I do shop from time to time. We only accept VISA, MC and AMEX and VISA is the most popular card. Most of our Universities use Visa (they call it the P-Card for Purchase) in place of purchase orders now. Really helps the cash flow but boy do the credit card servers nickel and dime you to death. And, it changes on the fly. Although my average cost is 1.7%, by the time you figure in everything, it's darn near double that.
Still, you almost have to accept them if you work in the corporate environment.
Paul
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