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I would advise that YOU personally call your current processor and make sure that you are not under contract. Sure, you can haggle with them on rates, but if your under contract, you better find out what it takes to get out. 

Also, do not fall for a new processor who claims no contract, or that they can make a special deal and negate the contract agreement. Most contracts state "no strike throughs" so your rep writing "no contract" on your contract is total b.s. 

Looks like you're paying about 2.3%, which is a little high, but not terrible. Find out when your contract is up first, then start shopping around. 

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Did YOU personally call and verify you are not under contract? I had a rep come in and say he would call and make sure I wasn't under contract. He came back 2 days later and said 'I called your processor and they said you weren't under contract'. That's why I stress that YOU call and verify. Some reps are ruthless and will lie or say anything to get you to sign their contract. 

Agreed, that does sound too good to be true. I would make sure there is no contract. You'll literally have to read through the entire 10+ page agreement, but it's worth it. I'd be VERY suspicious. 

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10 hours ago, xrac said:

Be wary about what you are promised and what they tell you.  Ask for the name of 2-3 businesses that have been using them for more than 1 year.  Talk them and see what they say and what their actual costs are.  I have had great rates like that promised, signed up and then got baited and switched. They were outright crooks.  Currently I am paying about 1.7% total costs no contract and no equipment costs. 

This is why I say to make sure you're not signing a contract. Tell them if they keep their rates fair, you'll stay. 

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Be wary about what you are promised and what they tell you.  Ask for the name of 2-3 businesses that have been using them for more than 1 year.  Talk them and see what they say and what their actual costs are.  I have had great rates like that promised, signed up and then got baited and switched. They were outright crooks.  Currently I am paying about 1.7% total costs no contract and no equipment costs. 
Nice. Do you mind sharing the processing company's name?

Sent from my SM-N920P using Tapatalk

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We use Dharma Merchant service out of California. It Took two weeks of research to finally understand the shell game of credit card changes. Everyone pays the same % for the bank /service charges and each card has different processing fees. What you pay over that is the scam . When we switched to Dharma the first month we saw a $200 savings.  Still cost a lot money each month to process C/C. We feel it is cost of doing business.

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When I had my shop I went to www.cardfellow.com, I was able to shop several companies and selected Netcom Pay Systems, My rates with amex averaged 1.75%, It was a cost plus with no contract and was the best program I had used in over 25 years of accepting cards.

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18 hours ago, Topauto said:

We use Dharma Merchant service out of California. It Took two weeks of research to finally understand the shell game of credit card changes. Everyone pays the same % for the bank /service charges and each card has different processing fees. What you pay over that is the scam . When we switched to Dharma the first month we saw a $200 savings.  Still cost a lot money each month to process C/C. We feel it is cost of doing business.

Kind of funny how whenever someone talks about a industry they are not part of profit is referred to as a "scam".

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That's not what he was referring to as "scam". He said " Everyone pays the same % for the bank /service charges and each card has different processing fees. What you pay over that is the scam ." So what he's really saying is every service passes the same bank costs along and what you pay over that is their profit. Actually, not even net profit, just gross profit. He said nothing about contracts or fee creep. My comment was just that you always hear people refer to some industry's charges as a scam or ripoff when they have no idea of the costs of doing business in that industry. As we all know, it happens to us all the time. 

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  • 2 weeks later...

I have been with electronic payment systems for over 2 years, and my average fees for both locations are always right around 1.8% for the month. What i like better than anything is that i have a local rep that is excellent with customer service. If there is an issue with a machine, he comes out and fixes it personally, or he calls the company and handles it. I have never had to sit on hold waiting for support. That aspect is a huge value for me.

 

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  • 1 year later...
On 11/2/2017 at 10:29 AM, sparkerauto said:

hey guys, I have a question right now I'm paying about $600-$700 in credit card possessing fees threw my company. that's based on 30k in sales. Is this high? Anyone use a company that they would suggest? thank you in advance !

Hi,

My company just became a sponsor on AutoShopOwner.  I just read your prior post and thought I'd reach out.

My company, Loma Solutions, represents a 0% credit card fee solution.   We have 1000's of customers in the US and our solution makes auto shop owners thousands of extra dollars every year.

How does 0% processing work?
When your customer decides to pay with a card, they have 2 options.  If they use a credit card, a small percentage of the transaction will be charged to their card.  If they use a debit card, there will be no fee to the customer.  Our software does all the work and explains to the customer of their choice prior to the card being authorized.

What exactly are the costs to the merchant and to the customer?
For credit cards: Merchant pays zero credit card fees, the customer pays 3.5%  
For debit cards:  Merchant pays 1% + $0.25/authorization, the customer pays 0 fees

Facts:
- A card swiper is not needed: credit card information can be typed in a phone or computer or over the phone.  There is a 'brick' card swiper if needed*
- No set-up costs or any other fees
- Our agreement is month-to-month
- If you auto batch by 8:00 PM EST, you get your money the next day
- The solution complies with all card rules and regulations
- We'll have you up-and-running within a week

Benefits to the Merchant:
*** You are being fair to your customer by offering them a choice to pay a fee or not, while you are eliminating your credit card fees, which can be up to 2.5% of your total card sales.
- Simple to use and all charges are viewable through our real-time online portal.  
- Support: our team is there when you need us.  We will show you and anyone on your team how to use the solution, but it’s very straight forward.
 
Making you more money!
If your current credit card fees are 2.5% of your total card sales, for every $50,000 in credit card transactions, you'll put an extra $1,250 in your pocket.
 
* we will provide you with a ‘brick’ terminal: $35/month if needed.  This includes free paper re-supplies.

Is there a good time that you like to speak on a call?  Please let me know when works best. 
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