Bank Raising My CC Rates. Stripe/PayPal/Square?

[SOHOtechRob]

My bank is raising my credit card processing fees such that I don't want to use them anymore.

I'd like to be able to process cards online through a secure website as well as initiate recurring transactions for subscription users. I'm a mobile tech, so having an app and a hardware device on my Android phone would be ok, but not a requirement. I do not need integration into a CRM. My expected total volume of credit card transactions is <= $500 per month.

Who do you use and why did you choose them?

 

[Hampden Comp]

With that amount of CC volume, I would get set up with square and call it done. They pay fast, have a decent online portal, dead easy register app and it just works. If you were integrating with a CRM I would go a different way. I don't mind paying with paypal but I wouldn't sleep easy if all my CC transactions were being handled by them.

 

[calldrdave]

My bank is raising my credit card processing fees such that I don't want to use them anymore.

I'd like to be able to process cards online through a secure website as well as initiate recurring transactions for subscription users. I'm a mobile tech, so having an app and a hardware device on my Android phone would be ok, but not a requirement. I do not need integration into a CRM. My expected total volume of credit card transactions is <= $500 per month.

Who do you use and why did you choose them?

I was in that boat years ago. Be careful because most contracts auto-renew and have early termination fees. Square is flat rate but has no minimums. You probably have a lower rate from your bank, but the discount rate varies.

 

[mraikes]

With such a low sales volume, the rate really doesn't matter. Just choose something easy, simple and convenient, like Square. Gets the job done and then some.

 

[YeOldeStonecat]

Agreed..with <500 bucks/mo....what's 1% difference? Up to 4 bucks? ~50 bucks a year. Square is slightly higher than average and...~2 days for the drop ain't the fastest.. Depending on the bank you use, some banks geared more towards business accounts have in-house processing...hits your acct dang fast.

One we see lots of clients use is Retriever Merchant Solutions
http://www.rmsnpc.com/

Find a few local sales for this....contact a nearby BNI group or Chamber group, find a few local peeps that sell this service and let 'me all do the dog ';n pony show for you and see which one you like the best.

 

[cypress]

Square will be best for you. Had my issues with Stripe even though I was really liking them for the couple of weeks that I was with them. They need a physical shop address for you to use them.

 

[phaZed]

Use Square here... I usually get my deposits next day.

 

[Porthos]

Some rag on pay pal but never had an issue "knock on wood" Instant access to your money... unless it is a huge amount. Never had problems with my $1000 or less transactions.

 

[mraikes]

Agreed..with <500 bucks/mo....what's 1% difference? Up to 4 bucks? ~50 bucks a year. Square is slightly higher than average and...~2 days for the drop ain't the fastest.. Depending on the bank you use, some banks geared more towards business accounts have in-house processing...hits your acct dang fast.

One we see lots of clients use is Retriever Merchant Solutions
http://www.rmsnpc.com/

Find a few local sales for this....contact a nearby BNI group or Chamber group, find a few local peeps that sell this service and let 'me all do the dog ';n pony show for you and see which one you like the best.

What I charge through Square is in my bank account the next day, as long as the charge isn't done too late (or on a weekend). I think they even have a same day deposit option now for a little higher cost, but I've not bothered with that.

 

[SprinterTech-WI]

We use square, if you push over 250k a year they drop the fees alot.... We're around 400k and at 2.1% all inclusive with free hardware and great management options it does well.

Always in our account next day. 5pm PST is the cutoff. We use chase and us bank fyi

 

[Mike McCall]

I'm really small peanuts <$100mo. and Square has been really decent to work with. No problems here.

Having said that, I recently was directed to this page which you might find useful. I don't know if you use RepairShopr, but it's something to look at either way.

http://feedback.repairshopr.com/kno...it-card-payment-processing-overview-making-mo

Copied this from a linked page:

"Offer Details

We used our processing volume to negotiate a special rate with a boutique merchant provider that we think is the best balance between friendly terms and low rates.

Here is what they were able to come up with for RepairShopr customers:

• Processing Rates: 2.69% for all transactions!
• No other monthly fees, no per transaction fees, no gateway fees, no statement fees, just that one rate
• No contract term (month to month)
• No monthly fees/minimums

If you have better rates, talk to Vantiv and see if they can match or beat them! You can contact them at 866-772-9510.Just for an idea how this compares in the market, Square is 2.75% & 3.5%, PayPal is 2.9%. If you are getting a better rate than this with your existing merchant account & gateway -- but still are interested in switching for the better integration or better customer service -- it will still be worth checking it out."

 

[Porthos]

Paypal

2.7% per US card swipe.
3.5% + $0.15 to key in cards.
2.9% + $0.30 to invoice.
1% for cross-border transfers.

I get 1% back each month with the paypal debit card when used as credit.

 

[Markverhyden]

I agree with Square. Especially with the OP's volume.

 

[Jonathan]

OP asked about recurring. Does Square do recurring?

 

[sapphirescales]

I highly recommend Stripe. They have an online portal. No swiping if you don't want to. And the fees are reasonable. You can even use a custom Wordpress plugin to integrate a custom payment solution directly on your website.

 

[mrapoc]

Stripe wouldn't go near us soon as we mentioned computer repair/it support.

 

[fencepost]

I don't use them (my cc receipts are "occasional" and "rare"), but if you have a Costco membership (particularly an Executive membership), take a look at payment processing through them. It links out to Elavon, but the swiped card fees are 1.22% and the online fees are 1.99%. Looks like until March 15 if you sign up they include a EMV terminal at no charge. http://www.costco.com/services.html

 

[cypress]

OP asked about recurring. Does Square do recurring?

No they don't it is a feature they are currently working on though.

 

[SOHOtechRob]

Thanks for all replies. The "recurring billing" feature is a must have, so that eliminates Square (at least for now). I'll try Stripe for now and see how it goes. I can always switch later...

 

[MotzTech]

When we were low volume we used PayPal, the instant deposit was REALLY helpful those days. Combine that with the PayPal debit card and we could process a payment and turn right around and use it immediately, like within seconds. Now we use CDGCommerce for most of our transactions. We still keep PayPal active for those times when someone needs an expensive part ordered super fast.