Results 1 to 23 of 23

Thread: Credit Card Processing

  1. #1
    Ophthalmic Optician
    Join Date
    Sep 2001
    Location
    USSA
    Occupation
    Dispensing Optician
    Posts
    12,591

    Credit Card Processing

    I am doing my yearly avaluation of our credit card processing, and wanted to know if anyone has any ideas on reducing the processing charges.

    I've negotiated pretty low rates, but now the rules are changing as to what is a qualifying and non-qualifying purchase, such as debit cards, credit cards with points and so on.

    We own all the machines, so it's just the processing service we pay for.

    Has anyone found a provider that stands above the rest in terms of low cost and turnaround time ?

    Any ideas?

    Johns

  2. #2
    Manuf. Lens Surface Treatments
    Join Date
    Aug 2002
    Location
    in Naples FL for the Winter months
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    23,240

    Redhot Jumper

    Quote Originally Posted by Johns View Post
    Has anyone found a provider that stands above the rest in terms of low cost and turnaround time ?

    Any ideas?
    Johns
    I am having the same problem.........I am slowly learning as this is a new one for me.

    I called my bank and finally got to person in charge of our account. The first question they asked.........."have you had a better offer from somebody else"................. and then dropped the charges 1/2% which is peanuts.

    So I am still looking around.

  3. #3
    Master OptiBoarder LENNY's Avatar
    Join Date
    May 2000
    Location
    BROOKLYNSK, NY USA
    Occupation
    Dispensing Optician
    Posts
    4,351
    I hate when people pay with a Bussiness cards!
    The procesing % is much higher!
    Did you notice that!?

  4. #4
    Ophthalmic Optician
    Join Date
    Sep 2001
    Location
    USSA
    Occupation
    Dispensing Optician
    Posts
    12,591
    Lenny,

    That's because they are "non-qualifying" charges. Any card that has points back or other spiffs cost more to process. That's where the $$ for these programs comes from -Us !

    I was also told that if a bank is processing your transactions, you are automatically paying a much higher % rate.

  5. #5
    Optical Chemical Manufacturer
    Join Date
    Jan 2006
    Location
    at Home
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    342

    lower fees

    Gentlemen

    Sam's club, Costco and BJ's all offer services for small business such as merchant services as radically lower rates. They function as resellers just as the various others sellers of merchant services do. Try Pay-Pal they offer a few programs.

    Also, some trade associations offer programs for there members.

    good luck

  6. #6
    OptiBoard Apprentice
    Join Date
    Jul 2006
    Location
    Ireland
    Occupation
    Optometrist
    Posts
    39
    Do most of you own your own card machines or rent them from your bank which I currently do.I thought about buying one but was a bit afraid if anything went wrongetc. Who for eg provides the support for eg card not authorised
    thanks

  7. #7
    Master OptiBoarder
    Join Date
    Jan 2005
    Location
    Back in NYC.....Shenzhen, China and Hong Kong
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    1,155
    I am looking for a credit card processing company in the US. I figured resurrecting an old thread was better than starting a new one. :hammer:

    What are the best rates, low fees, fast turn around times that have been found for the optical field? Has anyone worked with a virtual credit card terminal?

    Thanks,
    Eric

  8. #8
    Master OptiBoarder OptiBoard Silver Supporter Now I See's Avatar
    Join Date
    Jan 2008
    Location
    free-n-clear!
    Occupation
    Dispensing Optician
    Posts
    1,864
    I went through my bank...the rates are a little higher, but I can count on my money being there the next day, and they have tech support available 24/7...I bought my terminal...the last thing I wanted was another bill to pay!! LOL! :D
    ___________________________________________

  9. #9
    Master OptiBoarder LENNY's Avatar
    Join Date
    May 2000
    Location
    BROOKLYNSK, NY USA
    Occupation
    Dispensing Optician
    Posts
    4,351
    Quote Originally Posted by DocInChina View Post
    I am looking for a credit card processing company in the US. I figured resurrecting an old thread was better than starting a new one. :hammer:

    What are the best rates, low fees, fast turn around times that have been found for the optical field? Has anyone worked with a virtual credit card terminal?

    Thanks,
    Eric
    As far as I know there are only 3 major credit card procesors in the USA.
    The rest of the small guys just work on small points and fees!

  10. #10
    Master OptiBoarder
    Join Date
    Jan 2005
    Location
    Back in NYC.....Shenzhen, China and Hong Kong
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    1,155
    Quote Originally Posted by LENNY View Post
    As far as I know there are only 3 major credit card procesors in the USA.
    The rest of the small guys just work on small points and fees!
    Who are the reliable small guys that work for low points and low/no fees? :bbg:

    I assume everyone accepts credit cards in their business so everyone should have information to share. ;)

  11. #11
    Master OptiBoarder LENNY's Avatar
    Join Date
    May 2000
    Location
    BROOKLYNSK, NY USA
    Occupation
    Dispensing Optician
    Posts
    4,351
    This is my guy!
    Eugene
    646-258-1058

  12. #12
    Master OptiBoarder
    Join Date
    Jan 2005
    Location
    Back in NYC.....Shenzhen, China and Hong Kong
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    1,155
    Quote Originally Posted by LENNY View Post
    This is my guy!
    Eugene
    646-258-1058
    Thanks, Lenny.

  13. #13
    Master OptiBoarder rbaker's Avatar
    Join Date
    May 2000
    Location
    Gold Hill, OR
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    4,401
    I believe that the cost of credit is going to increase. Consumer rates are going to go up and card limits are going to decrease dramatically. Processing fees will likewise be higher and it may be more difficult to find someone willing to process your charges.

    In other words, its going to be more like it was back in the good old days.

  14. #14
    Master OptiBoarder rep's Avatar
    Join Date
    Oct 2000
    Location
    Red State in The South
    Occupation
    Other Eyecare-Related Field
    Posts
    770

    Credit Card Processing

    Johns,

    A few things you need to know.


    1. The banks no longer have a monopoly on credit card processing and their fees are often the highest. There are many small independents processors now.
    2. Master Card and Visa review their rates every six months. Sometimes they change their rates and sometimes they don't. Some companies increase their rates every six months even if MC and Visa do not have a rate increase.
    3. More ethical credit card processing companies offer cost ( MC & Visa's base rate) + contracts. These contracts tend to be longer term ( 2-years) because the CCPC makes very little profit.
    4. Rates and companies vary greatly. You would be shocked at what some people are unknowingly paying.
    5. Don't let your existing contract be a determining factor in switching from one company to another. Most often even if you switch the bank or company you have a contract with will only threaten you. Some companies will often pay contract penalties if you are charged to get new business
    6. Fees are based on the number of tickets you have and the average dollar amount of the tickets.
    7. Businesses are rated on loss ratios and certain businesses have higher rates than others based on the type of business they run. Optical is higher than OD's MD'S
    8. The way you processes your credit cards and the types of credit cards you process greatly affects the charge to you. Certain gift cards, corporate cards and so forth on can be 3 to 5 times the normal rates.
    9. The contracts are extremely complicated and they are deliberately that way, as is the billing and reconciliation.
    10. Only the phone company and Yellow Pages are more outrageous in the fees and add on charges.

    I am currently in training with a local company that wants me to offer CCP services in my rep area to my optical accounts. They are not a national wide company but if you will P M me I will try to get the name of some independent companies in your area. I am hoping I can get some additional income calling on the same people. They would at least see me every 8 weeks. Most accounts have never met their credit card sales rep in person.
    Hope this helps.

    Rep

  15. #15
    OptiBoard Professional
    Join Date
    Sep 2007
    Location
    Summerville, SC
    Occupation
    Dispensing Optician
    Posts
    106
    With credit card processing there is a break even point on the two types of cards being debit and credit. I was told by two seperate processors that if the amount of the sale is under $40 it is cheaper to treat all cards like a credit card and to get a signature even if it is a pin based ATM check card. If the sale is over $40 you are better off to run the card as debit and have the customer key in their pin#. Of course this applies if the customer gives you a card that allows this.

  16. #16
    Ophthalmic Optician
    Join Date
    Sep 2001
    Location
    USSA
    Occupation
    Dispensing Optician
    Posts
    12,591

    A few things you need to know.

    Quote Originally Posted by rep View Post
    Johns,

    A few things you need to know.


    1. The banks no longer have a monopoly on credit card processing and their fees are often the highest. There are many small independents processors now.
    2. Master Card and Visa review their rates every six months. Sometimes they change their rates and sometimes they don't. Some companies increase their rates every six months even if MC and Visa do not have a rate increase.
    3. More ethical credit card processing companies offer cost ( MC & Visa's base rate) + contracts. These contracts tend to be longer term ( 2-years) because the CCPC makes very little profit.
    4. Rates and companies vary greatly. You would be shocked at what some people are unknowingly paying.
    5. Don't let your existing contract be a determining factor in switching from one company to another. Most often even if you switch the bank or company you have a contract with will only threaten you. Some companies will often pay contract penalties if you are charged to get new business
    6. Fees are based on the number of tickets you have and the average dollar amount of the tickets.
    7. Businesses are rated on loss ratios and certain businesses have higher rates than others based on the type of business they run. Optical is higher than OD's MD'S
    8. The way you processes your credit cards and the types of credit cards you process greatly affects the charge to you. Certain gift cards, corporate cards and so forth on can be 3 to 5 times the normal rates.
    9. The contracts are extremely complicated and they are deliberately that way, as is the billing and reconciliation.
    10. Only the phone company and Yellow Pages are more outrageous in the fees and add on charges.
    I am currently in training with a local company that wants me to offer CCP services in my rep area to my optical accounts. They are not a national wide company but if you will P M me I will try to get the name of some independent companies in your area. I am hoping I can get some additional income calling on the same people. They would at least see me every 8 weeks. Most accounts have never met their credit card sales rep in person.
    Hope this helps.

    Rep
    My last post to this thread was in 2006. We've never used the bank for the reasons you stated.

    As I stated, we review our processing contract yearly, and own all of our equipment, so far, I think we're getting a pretty good deal.

    It is important to note how much room their is when negotiating these contracts. Don't ever take the first number they offer, and make sure you know the lingo before you sit down to talk.
    Ophthalmic Optician, Society to Advance Opticianry

  17. #17
    Master OptiBoarder
    Join Date
    Jan 2005
    Location
    Back in NYC.....Shenzhen, China and Hong Kong
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    1,155
    Quote Originally Posted by Johns View Post
    My last post to this thread was in 2006.
    Next time I will start a new thread. I figured it would be easier bumping your old hread. Who knew people would skip my post and answer your 2 year old one..except Lenny who provided a firm contact. :cheers:

  18. #18
    Master OptiBoarder LENNY's Avatar
    Join Date
    May 2000
    Location
    BROOKLYNSK, NY USA
    Occupation
    Dispensing Optician
    Posts
    4,351
    Hey Doc!

    Debit card in your bussines is not going to work.
    You are going to end up with Amex and other perked bussines cards and pay a non qualified transaction fees on them. Dont be surprised to pay up to 6%!
    Advise. When you negotiate take a bigger percentage on regular charges and lower % on cards with perks. They have no clue what you are going to have!
    The other problem is that you dont swipe the card.....

  19. #19
    Master OptiBoarder
    Join Date
    Jan 2005
    Location
    Back in NYC.....Shenzhen, China and Hong Kong
    Occupation
    Other Optical Manufacturer or Vendor
    Posts
    1,155
    Does any B2B swipe a card?

    Quote Originally Posted by LENNY View Post
    Hey Doc!

    Debit card in your bussines is not going to work.
    You are going to end up with Amex and other perked bussines cards and pay a non qualified transaction fees on them. Dont be surprised to pay up to 6%!
    Advise. When you negotiate take a bigger percentage on regular charges and lower % on cards with perks. They have no clue what you are going to have!
    The other problem is that you dont swipe the card.....

  20. #20
    One of the worst people here
    Join Date
    Jan 2004
    Location
    Canada
    Occupation
    Other Eyecare-Related Field
    Posts
    8,331
    Quote Originally Posted by LENNY View Post
    Hey Doc!

    Debit card in your bussines is not going to work.
    You are going to end up with Amex and other perked bussines cards and pay a non qualified transaction fees on them. Dont be surprised to pay up to 6%!
    Advise. When you negotiate take a bigger percentage on regular charges and lower % on cards with perks. They have no clue what you are going to have!
    The other problem is that you dont swipe the card.....
    Why would debit cards for his type of business not work?

  21. #21
    OptiBoard Novice
    Join Date
    Mar 2008
    Location
    Illinois
    Occupation
    Optical Retail
    Posts
    9
    Hi everyone...

    I am no longer in optics but previously worked for a major chain (if you look at my previous posts from a while back, I think it will be obvious where). At my current job, I partner with one of the nation's largest credit card payment processors, and I definitely think I may be able to help anyone looking to lower their processing fees. PM me for more info.

  22. #22
    Master OptiBoarder LENNY's Avatar
    Join Date
    May 2000
    Location
    BROOKLYNSK, NY USA
    Occupation
    Dispensing Optician
    Posts
    4,351
    Quote Originally Posted by For-Life View Post
    Why would debit cards for his type of business not work?
    Are you going to give Doc your pin number?
    Thats the only way to use a debit card as a DEBIT card!

  23. #23
    One of the worst people here
    Join Date
    Jan 2004
    Location
    Canada
    Occupation
    Other Eyecare-Related Field
    Posts
    8,331
    Quote Originally Posted by LENNY View Post
    Are you going to give Doc your pin number?
    Thats the only way to use a debit card as a DEBIT card!
    forgot that doc was a manufacturer. I thought he was a dispenser. Long days cloud my mind.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Credit Card Processing Fees!!
    By Ryan in forum General Optics and Eyecare Discussion Forum
    Replies: 5
    Last Post: 12-03-2010, 10:30 PM
  2. Basic Rx Lens Processing
    By butchie silvoza in forum General Optics and Eyecare Discussion Forum
    Replies: 10
    Last Post: 10-27-2005, 11:15 AM
  3. credit card machine won't scan
    By harry888 in forum General Optics and Eyecare Discussion Forum
    Replies: 8
    Last Post: 06-17-2005, 09:23 AM
  4. Processing trivex!
    By mkmlafrance in forum General Optics and Eyecare Discussion Forum
    Replies: 7
    Last Post: 11-01-2004, 03:02 AM
  5. Credit Card vs Cash
    By OdTech in forum General Optics and Eyecare Discussion Forum
    Replies: 9
    Last Post: 01-21-2003, 05:24 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •