visa/mastercard

Its a nutty biz! I pay $600-700 a month in fees, on top of a lease payment on the machine. Granted, we do a large volume of credit card sales, and I'm not the partner that signed up for the lease thing, but there have to be better deals out there! I think the lease is a hose job, and I'm not yet sure about the rates we pay. I'm working on doing some rate comparisons, so I'll post back when I get the fianl numbers in. We currently accept the four most major credit cards, and we can run a debit card if need be. The debit card thing really makes me wonder, as we dont have a seperate PIN pad, maybe we should if the rates are better.

holy makeral! thats a big chunk of change. ok, i will have to find something else to whine about.
let compare prices. we should have some kind of union or something, so we could all be more demanding for a fare price. we only accept visa and mastercard, as the other 2 were additional fees each. our machine cost 1250. each transaction cost 20cent plus 1.69percent. each batch deposit cost 30cent(dont make since, you gotta pay to make them deposit your money in your account). then, they charge ten dollars just to send you a statement showing how much they are taking out of your hard earned dough. all in all, i figure we will be paying about $150 just for the convenience of our customers.
is it worth it? lets just say i got tired of potential customers turning away when they found out we dont take plastic.
our machine takes credit our debit. no pin pad required. they just sign like credit.
another point, we posted new menu same day as the machine, with some price increases. hopefully, this will help offset charges, and operation cost increases due to gas inflation and nickel-dime-quarter food increases...

I don't have my business up and running yet, but I appreciate learning from all of your posts. Please check out the Merchant Credit Card processing area, under Member Services at both of the web sites for Sam's Club, www.samsclub.com, and BJ'S Wholesale Club, www.bjs.com (both have locations in Georgia) If you are not stuck in your bank agreement, you may be able to save some $.