Who do you use to process credit cards for your biz?

SPODE

SPODE

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I have been with a decent processor for over 10 years. However, we are paying between $3000 and $4000 per month. It boils down to about 3% of the gross processing dollars. Over the last 4 years or so I have been approached by several processors claiming that the new way to go is to push the fees/costs onto the customer who wants to use a credit card. At first I thought "No Way my customer would loose it if I tried this." But things have changed a lot lately. And I now see signs at a lot of CC machines stating I will be charged for the fees. And paying 40 to 50K per year on these fees is sitting on my mind a lot lately.

I am curious as to if any of you who own a biz have been through this experience and how did it go for you?
Thanks guys.
 
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86K in CC fees last year. Eff that. Top that with all my large venders, Cummins Volvo, Mercury all now charge me 3.5% on CC payments. So much for my travel points.
So with this, We invoice everyone with a 3.5% payment processing fee. We tried only accepting ACH and if they want to use a CC we would add 3.5 and resend invoice. That was/is a pain in the ass and just as time consuming. So now 3.5% is added to everything except for green backs handed in to my staff or myself.

The few clients that have complained, completely understood after I shared our annual cc fee's

Hope this helps.
 
Do it and don't look back, everyone gets it.
 
It used to be right in the merchant agreement that you could not charge for accepting cards. Now I guess that went away. I'd like to have the money back that we paid in merchant fees for decades. I have to admit it pisses me off when it gets tacked on. A local restaurant does it and we pretty much stopped going there.
 
I feel its an honest gesture in doing our best as a company to stay competitive with labor costs. Overhead with employees is ridiculous in this state. Passing on this fee is justifiable. Use cash or ACH and avoid the fee's. A $20.00 bill will always be worth 20 buck. Pay 20 bucks with a credit card and that 20 bucks is now worth $19.30. The banks win and everyone looses.
 
I think I am gonna make the change here soon.
I agree with 1HasBeen as well. However, I know that the way we do business changes over time. In many cases those changes start at the top and roll down hill backward hitting the businesses first ie. Taxes, Fees, Permits, Licenses etc. Then eventually onto the consumer.

Just like the minimum wage hike. We can't expect a business to just sit back and enjoy the huge cut in their margins due to the minimum wage hike. That money has to come from somewhere or eventually doing business at all makes no sense.

Can't say I like how all of this evolves, but looks like I gotta roll with the changes on this one. Thanks for all your advice guys.

"In auto-parts, you're either growing our you're dying. There ain't no third direction" - Thomas R. "Big Tom" Callahan Jr.
 
Years ago we implemented a 4% processing fee on all cc transactions. I received a statement showing a five figure cost for the year and a few days later a regular customer told me he uses his card to accumulate points for "free" vacations and flights, changed our policy on the spot...
 
When I had a merchant account my contract prohibited up charging for use of a credit card. So all jobs/merchandise went up 3-4%. When someone asked how they could save money I told them they could pay in cash as I would not have to pay the merchant fees. Very little was paid in cash, even after they were offered the ‘cash discount’.
 
switched over to fee's on the end user about 1 1/2 years ago. I was paying about $20k a year in CC fees. I thought I would lose customers, but I didn't. Most all of them understand , and the ones that didn't were not big sales anyway. I feel like it is not my responsibility to cover someone else's rewards points and vacation incentives. You do have to disclose it up front and some company's wont pay a fee after the fact, but there are creative ways to cover the cost and most will understand.
 
Quick Books Online for CC stuff. 3.6% fee, but the client pays that. Or they can Zelle or Venmo for zero fee.
 
MGMFRP said:
switched over to fee's on the end user about 1 1/2 years ago. I was paying about $20k a year in CC fees. I thought I would lose customers, but I didn't. Most all of them understand , and the ones that didn't were not big sales anyway. I feel like it is not my responsibility to cover someone else's rewards points and vacation incentives. You do have to disclose it up front and some company's wont pay a fee after the fact, but there are creative ways to cover the cost and most will understand.
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Are you able to refer me to whom you use?
Thanks, -gino
 
They have been doing it at the gas pump for how long now???

And they don't exactly make a secret about it!!!

🤣🤣🤣
 
man i wish i could get you guys on our cc processor, we offer our customers a 1.5-2% max charge at my day job.
on my side job I prefer to pay cc, and i tell them include the fee's in the final price, hide it somewhere. I prefer to get my vendors paid
asap on the spot, no waiting, no bs. I still have 2 vendors that refuse to take cc, despite end user paying the fee's, so I have to get the invoice, submit it, and wait on our girl to cut a check, then wait on an owner to be in town to sign the damn thing, then we mail it out.
I ask all our vendors/trades up front, will you take a cc? then we move forward.
 

1HasBeen said:
It used to be right in the merchant agreement that you could not charge for accepting cards. Now I guess that went away. I'd like to have the money back that we paid in merchant fees for decades. I have to admit it pisses me off when it gets tacked on. A local restaurant does it and we pretty much stopped going there.
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The restaurants that don’t probably just marked everything up instead.
 
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