Payment Solutions

Who does everyone use for payments?

I am an inspector TREC #21519 and I also am a Regional Manager for a payments company.

We are putting together pricing for members that would be beneficial for all.

For example if you use Square and pay 2.60% + .10 per transaction… that’s on all cards including debit.

For most of my retail customers they hover around 2.1% effective rate.

Any insight would be helpful

Welcome to our forum, Randy!…Enjoy, the water is warm, most of the time! :grinning_face_with_smiling_eyes:

I prefer a payment processor with transparent pricing, no made-up fees for various types of cards/accounts, and no BS monthly fees that seem to be never ending and arbitrary.

The discount rate is largely irrelevant, as it’s the monthly total fee (expressed as a percent of total processed charges) that matters.

And that monthly number is never a low as CC merchants claim.

Beyond that, solutions to allow invoices to be emailed or sent to clients, robust tools for handling all the admin on a clean portal, and a trustworthy company to back it all up.

2 Likes

Thanks for your input.

By discount rate I believe you mean effective rate. That would be the fees divided by your monthly.

Square model of 2.6% +.10 per transaction is easy to understand and that’s why they make over 1% on every transaction.

They run every card as a credit transaction essentially.

Interchange + the discount fee is the way to go if you don’t want to pay over 2%.

Discount fee is misleading terminology as it should be called markup fee.

If you run a debit with Square it would be 2.6%+.10

If you run a debit transaction on our platform it would cost around 1.25%

Credit would run around 2.1% with a markup of 30BPS.

Card types are important. A competent processor can look a statement and make improvements typically.

You want to take as many card present transactions as opposed to online because online rates will be around 2.90% +.30

I see “junk fees” all of the time.

It’s a confusing industry but I can simplify it.