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credit card machines - help

Discussion in 'Business Fundamentals' started by margesimpson, Dec 28, 2003.

  1. margesimpson

    margesimpson Junior Member
    Messages: 16

    have a large commercial account that wants to pay us immediately upon completion, but wants to use their credit card (they are a fortune 500 company so its not a scam...)

    i like the fact that we dont have to wait for a 30 or 45 day billing cycle.... but

    the only way we get the account is if we do this - so my question is - is there a cheap, easy way to do this or is it a pain to do...

    thanks
     
  2. parrothead

    parrothead Senior Member
    Messages: 157

    i've got friend that runs a restaurant and i've ran things through his account before. however, it sounds like you are going to need your own setup, i will ask him tomorrow and get the company name and number. i know that they usually ask for an average ticket size and charge a percentage accordingly. for example, if you run a restaurant and the average ticket size is 7-10 dollars, they may charge 3-4 percent buy if your average ticket size is say 500 dollars, they may charge 5-6 percent.anyway, i'll get you the number tomorrow and talk to the company direct. whatever they are going to charge you, i would add that onto the bid, they probably want to do it for airline miles or cash back, see if they balk or not about adding it on. if they do, at least it only costs you 5 percent to get your money today. good luck, rob
     
  3. computerguy

    computerguy Member
    Messages: 88

    I use credit cards and it is pretty good. Shop around though the fees can kill you. I pay no set amount per month. V/MC is 1.59% + 19cents per transaction. Amex is 3.25% + 24 cents. Discover is somewhere in the middle of those 2. MOst importantly shop around. Some places will try and charge you $30 a month plus statment fees blah blah blah:nono: Don't pay it.
     
  4. ih82plow

    ih82plow Senior Member
    Messages: 109

    I accept credit cards also its a pia .I only take mc/visa the others rates are too high.
    es as in maintenance fee and terminal rental and insurance.
    Go to your local bank that you have the company account with.

    the benefit is when I am doing collection call I tell them I can take a credit card from them over the phone and be done with it so it keeps open receivables down.

    the down side is some customer use it just because they get miles or points (I would much rather have a check in my hand)the other bad side is the cost.And the absolute worst part is that if a customer disputes a payment it pulled immediately from your account prior to you even having a say in it.Also beside the rate use caution on account charges