How Do I Decide if I Should Choose Square or Get My Own Merchant Account from a Merchant Services Provider? Price Consideration: Square is set up for the small volume merchant. Square does not have a monthly fee or transaction fee; only a rate of 2.75%. Let’s compare this pricing to a typical merchant processor charging $10 per month plus 1.89% + $.20 per transaction.
Why Is It a Problem? What is the Solution? Problem: Corporate cards have the highest payment processing rates for merchants. Why? Here is the education behind why corporate and business types of cards cost the merchant a higher processing rate. The situation is that corporate cards are higher risk of being charged back because they are abused by employees who are issued the cards from their
Visa and MasterCard now allow surcharging. This means you can pass the cost of the card processing to the customer. The rules are that you have to register with Visa and MasterCard, and that you can only charge the average of the credit card processing fees and not more than 4%, even if your actual rates are higher than that. Also, you must post a
I am going to credit this success tip to Rob Weinstein, co-owner of Event Rental Systems (ERS). We recently attended a seminar with their clients in Albuquerque, NM. ERS is a software company with a product for businesses that rent equipment and want to take bookings online. Rob hired a business coach who spent two full days with him and his partner, Corey, establishing their
A Long Time Client is Being Hussled! One of my long time clients called me and asked a strange question. She was bombarded by companies calling her to switch her processing. Tired of the hassle she finally said yes, she would listen to the salesperson’s program! She made an appointment with her. Then she called me and asked if I would be at her side
