WomenEntrepreneur Forums » Running Your Biz

1. greatfinds Member

   I am opening a small business in Texas & need to know more about providing credit card service for my customer. Is it best to rent the terminal, where do I do this, what is a good rate to do so, & what is the typical rate of interset on each transaction? Would appreciate any input. Sherri Posted 1 year ago #

2. upwardfitness4you Member

   I'm in the same boat. Any help would be beneficial. I also want to know how to set up a shopping cart on my website. Help! : ) Posted 1 year ago #

3. PaceBookkepingServices Member

   Hi there, I have a bookkeeping service in Texas, and I have clients in various cities. I think that I may be able to help both of you with your decision. First, lets ask a few questions: How much credit card volume do expect to receive (in quantity of transactions and dollars)? Do you use QuickBooks? Which credit cards do you want to accept in your business? Is this an online credit card transaction from a website, or taking place in your physical business location? You can email me directly with your answers at: info@pacebookkeeping.com. My website is: www.pacebookkeeping.com A lot of clients have the same questions, and the answer isn't always the same for different businesses. Hope to speak with you soon. Posted 1 year ago #

4. CIsaac Member

   Hey Greatfinds, You can contact your bank's merchant services and they have a lot of credit card machines that they can attach to your bank account (which will be easy if you use quickbooks). The only thing is that they typically have a monthly fee and possibly transactional fees (2-3%). They also have portable ones that you could take to events. Another option is PayPal. They have a virtual terminal. You first set up an account with Paypal and then do a virutal terminal application. What this does is provide a link to your website (sort of like a visa link) and when customers click on it, they're still on your website and they can enter payments, then you can go into your paypal account and release the payments to your bank account. You could also use the same link yourself if you get customers paying on the phone or in person. Both of these methods are linked to your bank account, the second option would work only if you have a website established. The PayPal transactional fee is around 3% and no monthly fee. Hope it helps! -Cheryl Isaac- www.IsaacBusinessServices.com Posted 1 year ago #

5. PaceBookkepingServices Member

   Paypal also has an option for those of you that do not have a website, or do not want to attach the payment option to the website. It is good for small service type businesses, that would send an invoice to a customer/client. Instead of waiting for a check to come in the mail, you could use the Request Payment Option from Paypal. You would already need to have an account set up with Paypal, as Cheryl mentioned. Then, when you send your client an invoice (for example, if you emailed an invoice from QuickBooks), you would now have to log into Paypal, and click on Request Payment. You need to put in the necessary info: email address, amount of payment requested, etc. Then Paypal emails this request to the customer. The customer has the option to pay with a credit card, debit card or electronic check. When the payment is sent to you from the customer, via Paypal, you will receive a notification email from Paypal. They will have already deducted the approx 3% fee. Then, you will be able to transer the remaining money into your bank account. Another option is using QuickBooks Merchant Services. They charge the same fees as most services, and this works very well for those already using QuickBooks for their accounting work. QuickBooks also allows you to set up automatic credit card charges. For example, I have a client that owns a fitness club/gym. At the beginning of the month everyone gets charged their membership fee, without having to physically enter credit card info each time. The customer also do not have to physically issue payment each month. It all happens automatically with the use of a Sales Receipt setup. This saves a lot of time!! Hope this is helpful. Emilia If you would like more info, you can email me at: info@pacebookkeeping.com www.pacebookkeeping.com Posted 1 year ago #

6. MariaMarsala Member

   It depends on the amount of sales you have per month that will come in. You can have an online system, phone in information system, the machine, and more. You can even "rent" a merchant account for the day... like if you have a big event. Some places: Your bank A local merchant account person (watch for credibility) Big box stores Online resources. I have a bunch of possible resources at: http://www.theresourcequeen.com/new/favorites/merchant.html codes are: business expert And a women-owned business is at http://pinnacleprocessinggroup.com/ I'm not sure why there is absolutely no personal information on the site about the owner, but her name is Victoria L. Hardy and phone is 206-715-5342 To your success, Maria Marsala Business Coach to service industry owners. at http://www.ElevatingYourBusiness.com Posted 1 year ago #

7. menexis Member

   when you send your client an invoice (for example, if you emailed an invoice from QuickBooks), you would now have to log into Paypal, and click on Request Payment. You can always use a different company to process credit cards You need to put in the necessary info: email address, amount of payment requested, etc. Then Paypal emails this request to the customer. The customer has the option to pay with a credit card Posted 4 months ago #

8. MoxieMaven Member

   Credit card processing can be confusing. There are many options and most will have contractual terms that you want to be careful of. Your bank will be one of the most expensive options and they will have contracts. I agree with an earlier answer, there are many independent agents that offer services and you have to be careful about credibility. As far as renting a machine. NEVER rent. You can find machines on ebay, or even online for a couple of hundred dollars that will work. Most leases will charge you thousands of dollars in the end. Just check with who you decide to process with and they can tell you what machines are compatible. There are currently some security upgrades that have happened in the credit card industry, so make sure you are getting the right machine if you go the route of buying your own. In some cases you might not even need a machine, the account that I currently have is a web based virtual terminal with a $75 USB card scanner that attaches to my computer. When you run a business that takes credit cards, it is important to have your bank, or service provider explain exactly what you need to do in order to get the best rates. The rates are based on where the orders are coming from, i.e. is the customer present, is it a web order, did you scan the card or key in the number. You can use Paypal, or other online merchant services, but you will pay a premium for them simply because you cannot scan cards directly in. For example: a $600 transaction on Paypal will cost me on average $30 in fees, with my current service it will cost me $11. So make sure you understand the fee structure and compare transaction costs across your choices. I hope that this helps a little, feel free to get a hold of me and I can give you a lot more information! Posted 4 months ago #

9. James2007 Member

   The tips of the above user are very helpful. I just want to say that this is a very beneficial business in today's world. Try to engage some bank or other service provider for more specific help. Here is a link for more information on credit cards, I hope You'll find it helpful. credit cards... Posted 3 months ago #

10. LisaT Member

    I agree with MoxieMaven. NEVER RENT or LEASE. This is always a catch 22. There are too many other options out there now. Many companies now offer free state of the art machines. Some companies offer to ship you a brand new machine to use as long as you are processing through their company. If you stop using their services you simply box it up and return it within the specified time. As far a your fees and what is right for your specific business, there are many options to consider. Is the business a retail store front where most transactions will have the card present and swiped or is it a mail order/telephone order where most will be done without the card present?(higher risk/raises the fees) Maybe it is an internet account with a shopping cart or a business that needs a wireless terminal that can be taken from place to place and swipe cards on site. Sales volume is also important. Some companies require a monthly minimum. Some don't. Many companies will now set you up to take cards with no upfront money. No set up fee, No annual fees, etc. A merchant consultant can help you determine what is best for your business type and help you find the best processing company for your individual needs. For more information contact Lisa Texas Lonestar Merchant Services 830-445-9518 lonestarmerchants@yahoo.com Posted 3 months ago #

11. LisaT Member

    Another thing to keep in mind if you are planning to purchase "your own" credit card machine. Make sure that the machine that you are getting is not a proprietory machine. If it is proprietory, you can only process through the merchant provider that sells you the machine. If you decide to change processing companies, you need to be able to download the new company information into the terminal that you purchased or you have wasted your money. It is very important to ask this information when purchasing your own machine. Lisa Texas Lonestar Merchant Services Posted 3 months ago #

12. multibizwizard Member

    QuickBooks works with Charge Anywhere and my company is partnering with Google Pay and PayPal to offer our customers more options. www.fdiscentralflorida.com I am an independent sales agent for First Data independent sales and I have been setting up merchant accounts for 10 years now. Some of my customers have left me for lower rates but ended up coming back to me. I offer personal customer service and I can lower my customer’s rates every year before MC/Visa raises its rates in April. 321-206-8536 visit www.fdiscentralflorida.com this is in addition to my consulting company www.corporatesolutionsfl.com Posted 3 months ago #

13. Belinda Member

    I have been in the Payment Processing Industry since 1999 and have personally signed up nearly 1,000 merchants. I have worked for nearly 10 processing companies from New York to California. I say that to give you my background and experience. When choosing a Credit Card Processing Provider, do not choose a small one, because they are piggy-backing off of the BIG ones and they can't offer the Lowest rates with the lowest fees. There are two main types of merchants: 1. Retail 2. MOTO (mail-order/telephone order) There are many different offers that merchant providers offer: 1. 3-tier: Qualified rate, mid-qualified rate, non-qualified rate. 2. 2-tier: Qualified rate, non-qualified rate. 3. Interchange Plus: True MasterCard/Visa/Discover Card buyrate plus profit for the Merchant services provider. 3-tier is usually the most expensive for the merchant because it inflates the cost (rate) for accepting Reward Cards and Corporate Cards. 2-tier is usually the 2nd most expensive. Interchange usually is the best offer and can sve you lots of money!! Some providers won't offer you Interchange Plus, simply because it is much less profitable for them. Most merchants are leary of the Interchange Plus because they are not familiar with it, and it looks confusing to them because the rates change on every card. Because the rates are not inflated they are NOT RAISED and differ according to the actual INTERCHANGE set by MasterCard. It is very confusing to teach merchants and to convince them that it is much cheaper than the tier systems. Please feel free to call me for a free quote on any of the tier or Interchange Plus rates. Thank you, Belinda Rodriguez President A BUSINESS STORE (512)495-9990 www.ABusinessStore.com Email: belinda@ABusinessStore.com Posted 1 month ago #

14. rhudy Member

    Credit card terminals are now obsolete http://cashregister4free.com/ Posted 1 week ago #

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