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Thread: POS fees.....

  1. #1
    OptiBoard Professional gibby2020's Avatar
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    POS fees.....

    Hi everyone...I'm full of............questions lately.

    I've been looking at POS processing fees and what a shocker. Gonna start looking for alternatives to Chase Paymentech.
    1st step is to consider buying the POS terminal vs renting it. Might save $300/yr
    So far Chase has been reliable: Haven't had a disruption in service ever.
    But $700/m is tough to swallow in these tough times.

    Later
    Gibinator

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    There is a free app for Iphones that attaches a free card reader to the phone which turns it into a POS terminal without rental charges. You still pay the card processing fees. Has anyone tried this ? Interesting that it makes for a portable solution too.

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    here is a link to a review of card readers: http://iphone-card-reader-review.toptenreviews.com/

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    OptiBoard Professional gibby2020's Avatar
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    Awesome...thanks. Gonna do some comparisons wrt rates. I'll report back.

    BTW I found this :http://business.financialpost.com/20...dit-card-fees/

    So in April 2013 Visa processing rates go up!
    Gonna be questioning ChasePaymentech about different rates for premium cc's vs regular!?

    Gib

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    Blue Jumper Rerminal Fee.......................

    Quote Originally Posted by gibby2020 View Post

    Hi everyone...I'm full of............questions lately.

    I've been looking at POS processing fees and what a shocker. Gonna start looking for alternatives to Chase Paymentech.
    1st step is to consider buying the POS terminal vs renting it. Might save $300/yr
    So far Chase has been reliable: Haven't had a disruption in service ever.
    But $700/m is tough to swallow in these tough times.
    The terminal cost depends on the institution you work with. I am with "Global Payments" which is not a bank but a credit card processing company for more that 16 years, they charge me a rental fee of some $ 13.00 a month plus tax.

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    bottom line...they are all the same. You cannot get a straight answer out of any of them in regards to the total picture of charges for the privilege of doing business with them. Some might charge less for the rental...but then they charge more for certain transactions. They are worse and more insidious than that cheapy vision plan you take. Beware. Save yourself some time. Choose a company that gives you good service.

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    Quote Originally Posted by gibby2020 View Post
    Hi everyone...I'm full of............questions lately.

    I've been looking at POS processing fees and what a shocker. Gonna start looking for alternatives to Chase Paymentech.
    1st step is to consider buying the POS terminal vs renting it. Might save $300/yr
    So far Chase has been reliable: Haven't had a disruption in service ever.
    But $700/m is tough to swallow in these tough times.

    Later
    Gibinator
    Does the $700 per month include your merchant fees?

  8. #8
    OptiBoard Professional gibby2020's Avatar
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    Quote Originally Posted by HindSight2020 View Post
    Does the $700 per month include your merchant fees?
    Yep

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    OptiBoard Professional gibby2020's Avatar
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    Thanks Chris

    I've noticed the Global Payments name at various retailers and will check it out.

    I just got off the phone with Paymentech and the real rates we pay for Visa are just under 1.9%, MC over 2.2%...we dont accept Amex. Debit $0.124 per transaction.
    Real rates take into account the higher processing fees charged for rewards cards or foreign cc's. So when you're quoted a "discount" rate it applies to a basic cc. Most consumers have some type of rewards card these days.

    Gib

  10. #10
    OptiBoard Professional gibby2020's Avatar
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    Quote form Global Payments came in and essentially they can me save one months worth of POS fees per year. Not bad. As for buying a POS terminal from the POS service provider, it seems to be $700.

    Gib

  11. #11
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    ...but if you rent one, you can save the $700 outlay...and if you rent one, when it breaks, they give you a new one for free...and they give you free tape. Pick your poison. It all works out the same in the end. The system is rigged that way. It' like death and taxes.

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    The actual value of a terminal is $ 125.00

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    yes, but where can you buy one for 125.00?

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    eBAY

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