Quantcast
Jump to content


    • You can post now and register later. Already registered? sign in now to post with your account.
    • ×   Pasted as rich text.   Paste as plain text instead

        Only 75 emoji are allowed.

      ×   Your link has been automatically embedded.   Display as a link instead

      ×   Your previous content has been restored.   Clear editor

      ×   You cannot paste images directly. Upload or insert images from URL.


      Once you submit your question, a new topic will be created for you in our forums. Our moderators may move your topic to a more suitable forum category if one exists. Members will see your topic and be able to respond to your question.

    • This will not be shown to other users.
DUFRESNES

VISA DEBIT VERSUS VISA CREDIT VERSUS MASTERCARD

Recommended Posts

Up to a couple of months ago, we would ask each customer debit or credit.  If they ran a debit, they put i their pin and there wasn't a signature line.  If it  ran it as a credit, they didn't have to put their pin in and they would sign.  Why you ask if this such a big deal.  It means about 400.00 more a month.  A debit card no matter the amount of the sale, it was .25 if it was run as a credit it is a percentage such as 1.78% - 2.5%  I have been on the phone to Key Bank and to 1st Data, emails and etc.  Nobody knows anything about what could have happened except to say that is the way Visa wants it.   I have said do you suppose there will be a class action.  Just one more way to make money for our credit card charges.  According to the people in charge nobody else has this problem but me.  Funny thing Saturday I was at the plant store and I have a Visa Credit Card and it asked me debit or credit. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Topics

    • By Elite Worldwide Inc.
      Elite's AMI accredited Online High Impact Course, sponsored by Jasper Engines & Transmissions, starts October 16th!
      This industry acclaimed online service advisor training course is delivered by 2019 Ratchet & Wrench All-Star Award winner Jen Monclus, and has been proven to generate both happier customers and higher sales.
      Here are a few of the topics that will be covered:
      - Selling multiple repairs & big ticket items
      - Selling diagnostic testing & maintenance
      - Building powerful relationships in 60 seconds
      - Overcoming the most challenging sales objections
      - Generating more repeat and referral business
      - Presenting service recommendations in a way that makes customers want to buy
      - Note: Course will come with a workbook, homework assignments and testing to ensure accountability and lasting results
      It's only $179 to enroll, and seating is limited, so call 800-204-3548 or visit our Online High Impact page to secure your advisor's spot today!
    • By tco
      Accepting Credit Cards at 0% cost 
      Credit card fees for merchants have drastically gone up in recent years, especially for reward card purchases, making credit card fees one of businesses largest expenses.  Interchange fees for reward cards have gone up by 24% in a recent 4-year period. The highest reward card fees to a merchant are now around 3% of the transaction total (not including what the markup from whomever sold you their credit card processing).  Many people have probably seen Samuel L. Jackson TV commercials promoting Capital One’s Quick Silver credit card, paraquoting, “The Quick Silver credit card will give you 1.5% cash back on all of your purchases.” Who do you think is actually giving these customers 1.5% of their cash back on their credit card purchases?  You guessed it- you, the merchant.
      What’s a business owner to do?
      Do nothing Raise the products or services prices to account for higher credit card fees Offer a cash discount Don’t accept credit cards Or, provide your customer a choice when they pay with a card to pay a surcharge or not- 0% credit card costs to the merchant All of these options have their pluses and minuses, but with the ever higher and higher fees credit cards are charging to merchants, there are other methods where technology and consumer choice can help mitigate these fees.
      0% credit card cost is relatively new legal method of accepting card payments in the US.  The credit card companies fought to not allow consumers a choice to pay a surcharge with credit card or zero fees with a debit card.  The credit card companies make much less money with a debit card opposed to a credit card... This case went all the way to the US Supreme Court this decade.  The credit card companies lost and consumers being able to choose to pay a surcharge with a credit card or zero fees with a debit card is now legal in 45 states.  The remainder of the 5 states will likely be joining the other 45 states in the near future as there are still ongoing court proceedings.
      The US is now following the Australian model which has been allowing merchants to surcharge since 2003.  Currently, 42% of all merchants in Australia pass on a surcharge to customers who use a credit card.
      Here’s an option that you might not know about, until now:
      When your consumer decides to pay with a card, they have two options.  If they use a credit card, a small fee will be charged to their card. If they use a debit card, there will be no fee to the consumer.  Our software does all the work and explains to the customer of their choice prior to the charge being authorized.
      What exactly are the costs to the merchant and to the consumer?
      For credit cards: Merchant pays zero credit card fees, the consumer pays 3.5% of the transaction amount
      For debit cards:  Merchant pays 1% + $0.25/authorization, the consumer pays Zero fees
      Facts:
      A card swiper is not needed: credit card information can be typed in a phone, computer over the phone and in-person.  A 'brick' card swiper/dipper is available if needed.
      Works with online sales/invoices
      Simple application process, no upfront cost, no term contract, no cancellation fee and complies with all credit card rules and regulations
      If you auto batch by 8:00 PM EST, you get your money the next day
      Up-and-running within a week
       Benefits to the Merchant:
      Being fair to your consumer by offering them a choice to pay a fee or not, while eliminating your credit card fees, which can be up to 3% of your total credit card sales.
      Simple to use and all charges are viewable through real-time online portal.  
      Support: our team is there when you need us, but it truly is very straight forward.
      We realize this solution is not for everyone.  But, you now have the opportunity to no longer pay credit card fees, forever.  Reach out through ASO or here if you are interested in discussing further: https://www.lomasolutions.com/contact

      View full article
    • By bantar
      I get the daily calls of wanting me to switch CC processors and with MUCH (misplaced) confidence, I refused to have a discussion with any of these guys, because I already had great rates.   Then, I had a persistent one call me back and ask why I didn't want to talk.  She said enough right things that I let the salesman come visit me.  
      My rates were and supposedly were going to get better over time as I built up history.  Original Quote:
      Credit Card Rate - 0.05% + Interchange (AMEX 0.055%) Debit Card Rate - 0.05% + Interchange Credit Transaction fee - 0.05 cents per transaction Debit Transaction Fee - 0.05 cents per transaction PCI Compliance-$9.95/monthly Chargeback fee-$10.00 (VISA, MC, Discover) $30.00 (AMEX) Paper Statement-$5.95 monthly (online statements free) The other guy comes in and tells me that my current processor increased my rates and added numerous junk fees.    The rate raised to 0.25% for most cards and .75% for AMEX and now have a $34.95 platform fee and numerous other fees.   At this point, I stand to save $250/month minimum by switching CC vendors.     I did confirm that on day 1, my bills had way fewer fees.  The bills also stated that they were raising rates along the way, so they were disclosed and allowed by contract.  I'm halfway thru a 3 year contract with a $495 cancellation fee.   This is what I'm paying now with the same processor: 
      Credit Card Rate - 0.25% + Interchange (AMEX 0.75%) Debit Card Rate - 0.05% + Interchange Credit Transaction fee - 0.05 cents per transaction Debit Transaction Fee - 0.05 cents per transaction PCI Compliance-$9.95/monthly Annual PCI Audit Fee - $99 Chargeback fee-$10.00 (VISA, MC, Discover) $30.00 (AMEX) Paper Statement-$5.95 monthly (online statements free) New Junk Fees - $41 To be clear, the interchange fees don't change on either deal.  We are only dealing with CC processor markup fees and junk fees.   The 0.05% is a markup fee over interchange.    The new deal is:
      Credit Card Rate - 0.05% + Interchange (all cards including AMEX) Debit Card Rate - 0.00% + Interchange Credit Transaction fee - 0.05 cents per transaction Debit Transaction Fee - 0.05 cents per transaction PCI Compliance - $0 (with a successful audit and $9.95/month penalty without one) Annual PCI audit fee - ?? Chargeback fees - $25.00 (VISA, MC, Discover, AMEX) - refundable if you win Monthly Charge - $10.00 As best I can tell, it looks legitimate.   I'll be carefully reading the new contract tomorrow.   So, the real question is whether or not I'm switching from one liar to another liar?     This second one is telling me that my contract will have the rates guaranteed and locked in.   If I see the right things in writing, I'll be switching.  Will recoup my cancellation / startup costs in 3 months.
      I guess the moral is get an annual checkup from a competitor. 
      Supposedly these rates are available as a result of being low-risk from my transaction history (or it's just marketing-speak).  I don't know.    My original deal was reasonable, but it isn't any longer.   My plans were to wait for the 3 year contract to end before shopping around.
    • By tco
      credit card
    • By tco
      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% of the transaction
      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, 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.
        Reach out if you'd like to discuss.


  • AutoShopOwner Sponsors



×
×
  • Create New...