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Credit processing fees?


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They tell me my rate is 1.75 to 2.5. It usually averages a little over 2.  I've been through one lying company after another and even had my name forged. The thing that finally helped me was when my bank kept bugging me to use them they stuck to their rate for the first few months. Then they kept bumping it up. I never cancelled my old processor so when I caught them bumping it I just started using my old company again. Then the bank would call me asking why Im not using them. I just told them the truth. We fought. Alot. All I can say is dont cancell the old company and let them fight over you. 

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  • 2 weeks later...

I'm banking at Wells Fargo and using their processing. The money is there the next morning and Amex fees are the same as visa. I was paying more for Amex with the others plus had to wait for my money.  They havent been nudging up the fees either which was a problem before. I have a 3 man shop and do about 500k a year if that gives you anything to go by.  Maybe those guys that pay low1% have enough clout to demand that. 

 

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On 12/13/2017 at 10:53 PM, Tyler Rice said:

We currently pay 2.5% in credit processing fees. Is this average rate or does this seem high?

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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On 12/18/2017 at 8:18 AM, Old and Tired said:

Who are you guys with where you get these great rates? 

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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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
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