Accepting credit cards?

10 replies
31 views

Wondering how contractors feel about and get the most out of accepting credit cards for payment? What do you use?

Level 15

IMO if you do not accept CC, you might as well close the doors.

I started with a merchant account and a knuckle buster, but the fees ate me alive, fees for just having the account regardless of whether I had cusotmer charges or not.

I moved to pay anywhere, that worked well but I was unsatisfied with reporting and the account interface, as well as email support (which is so typical)

I am with square now, and perfectly satisfied, no fees other than transaction fees, outstanding support and reporting, and they now do payroll too.

EmmaSiemasko

Yes, I accept CC. Can't imagine not doing so.

I accept them via my accounting invoicing tool, which does it automatically.

I am also able to accepy CC payment via PayPal Business. Stripe is another great option!

Adam_Fenner

It is too easy too. You want to put as few barriers between yourself and your customer when it comes to payment as possible.

I agree with @Rustler and @EmmaSiemasko, Square, paypal, and a host of other options are out there for you. Everything costs a fee, but no cost is more than lost customers.

qbteachmt

Level 11

"Everything costs a fee, but no cost is more than lost customers."

We have a Regional Bank chain that offers Free checking with online access and ACH, all free.

I do not need to work with CC fees or service providers. I use that Bank account and that service. If you were to hire me, once we review the scope, I might request a 2 hour prepayment, which you can provide electronically and practically the Same Day that we talk, now that the US banking system has implemented Same Day ACH.

I don't keep much in that account, to avoid any possibility that the funds would be pulled back. That is no different than managing PP or a CC account.

And one customer paid me twice, in error, and I used the same Electronic banking service to Send it back timely, which made them happy for the quick Turn-around.

The company is Glacier BankCorp (they bought First Security Bank, which had my account), and Glacier is one of the highest ranking bank systems in the US for Customer Services.

jessbru99568

Level 2

Alot of our business requires accepting credit cards. While at a market or event, if the people do not have cash on them, they can still buy with credit card. We use Square, QBs payments, and Stripe. They all work very well and the fees are minimal and definitely worth it for the extra business to us! :)

D

Debbieb

Do you happen to know the fees associated with accepting the credit cards? Or is that set up with your bank?

jessbru99568

Level 2

Yes, the fees are listed below. They are per transaction. There are also subscriptions per month instead of the per transaction.

Square:

Swiped-2.75%

Manually-3.5% + $0.15

Stripe:

Both-2.9% + $0.30

QB payments:

Swiped-2.4% + $0.25

Invoiced-2.9% + $0.25

Keyed-3.4% + $0.25

Hope this helps!!

Bookkeeper4Hire

I don't accept credit cards except vis PayPal. As a bookkeeper who has accounted for clients fees, they all end up costing about 5% & I consider it a cost of doing business.

Rustler

Level 15

@ Bookkeeper

I agree mechant fees are a cost of doing business, but I disagree with the 5% comment.

My Square merchant account only takes 2.75% of the transactions, with no maintenance or inactivity fees either (and that is next business day deposit to my checking). If I manually enter the CC charge it does go up to 3.5%+$0.15 - even so that is not 5%.

Raywhite28

Level 6

Each credit card processor has their own fees. It is a cost of doing business.

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