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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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  • Have you checked out Joe's Latest Blog?

         3 comments
      Got your attention? Good. The truth is, there is no such thing as the perfect technician pay plan. There are countless ways to create any pay plan. I’ve heard all the claims and opinions, and to be honest, it’s getting a little frustrating. Claims that an hourly paid pay plan cannot motivate. That flat rate is the only way to truly get the most production from your technicians. And then there’s the hybrid performance-based pay plan that many claim is the best.
      At a recent industry event, a shop owner from the Midwest boasted about his flat-rate techs and insisted that this pay plan should be adopted by all shops across the country. When I informed him that in states like New York, you cannot pay flat-rate, he was shocked. “Then how do you motivate your techs” he asked me.
      I remember the day in 1986 when I hired the best technician who ever worked for me in my 41 years as an automotive shop owner. We’ll call him Hal. When Hal reviewed my pay plan for him, and the incentive bonus document, he stared at it for a minute, looked up, and said, “Joe, this looks good, but here’s what I want.” He then wrote on top of the document the weekly salary he wanted. It was a BIG number. He went on to say, “Joe, I need to take home a certain amount of money. I have a home, a wife, two kids, and my Harly Davidson. I will work hard and produce for you. I don’t need an incentive bonus to do my work.” And he did, for the next 30 years, until the day he retired.
      Everyone is entitled to their opinion. So, here’s mine. Money is a motivator, but not the only motivator, and not the best motivator either. We have all heard this scenario, “She quit ABC Auto Center, to get a job at XYZ Auto Repair, and she’s making less money now at XYZ!” We all know that people don’t leave companies, they leave the people they work for or work with.
      With all this said, I do believe that an incentive-based pay plan can work. However, I also believe that a technician must be paid a very good base wage that is commensurate with their ability, experience, and certifications. I also believe that in addition to money, there needs to be a great benefits package. But the icing on the cake in any pay plan is the culture, mission, and vision of the company, which takes strong leadership. And let’s not forget that motivation also comes from praise, recognition, respect, and when technicians know that their work matters.
      Rather than looking for that elusive perfect pay plan, sit down with your technician. Find out what motivates them. What their goals are. Why do they get out of bed in the morning? When you tie their goals with your goals, you will have one powerful pay plan.
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