credit card terminal upgrade question | FerrariChat

credit card terminal upgrade question

Discussion in 'Other Off Topic Forum' started by Edward 96GTS, Oct 12, 2015.

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  1. Edward 96GTS

    Edward 96GTS F1 Veteran
    Silver Subscribed

    Nov 1, 2003
    9,192
    we have a small business and are required to upgrade the credit card terminal to accept chip credit cards.
    does anybody have a recommendation for a company to provide the merchant services.
    I'm being offered better deals than my current company, but they all seem to be sketchy.
    thanks
     
  2. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    26,292
    socal
    This whole thing is a racket. The CC co's give you the terminal because they want the business. Now they want to find a new revenue source and charge you for the new plugin terminal or threaten chargeback fees. I call BS. Take the risk for a while unless you giot shady clients. Then when all they have are plug in terminals they too will be free like before. Even square is trying to dink people $50 bucks for the new reader. Homey don't play that. If they want my business the reader is going to be free.
     
  3. Edward 96GTS

    Edward 96GTS F1 Veteran
    Silver Subscribed

    Nov 1, 2003
    9,192
    my bank(Union bank) wants $536 for the terminal.
     
  4. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    26,292
    socal
    I told BofA to pound sand. I told them if I got weird chargebacks I would stop using them. I already use BofA and Square so I can always have a backup if need be drop one like a hot rock. I'm lucky I know my clients. So the new issues don't really effect me. It is possible that they can but I'm a 30+ year BofA customer and mostly get my way. The local branch knows I have other banking relationships and that helps too.

    Square is $49 bucks for the EMV reader or what ever it is called. I think that is too much and I'm not buying it. But maybe that is an option for you to be used on your sketchier clients. You tell Union you are going to square's reader and if you like it you will switch completely. Square has lots of advantages like using multiple phones as pay terminals. You can even do a phone payment on square with no reader just your phone or tablet setup with square. Union might just give you the reader to keep your business. I would. They can make the 500 back in a month from you in regular fees.
     
  5. Edward 96GTS

    Edward 96GTS F1 Veteran
    Silver Subscribed

    Nov 1, 2003
    9,192
    the other issue is the monthly fees. which merchant offers the best fees?
     
  6. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    26,292
    socal
    I keep wanting to chage off BofA because I pay too much in total. But I am lazy. If I spent less time on Fchat I could fix that. Seems that there are a bunch of people all using the big processor like First Data. A bigger guy with less creepy factor and decent fess is costco. The other people I just don't like giving up my data to. That is probably the biggest reason for no change and or using a big name. Someone will hack them for your data but you won't have a low level creep salesguy promise you everything just to get your SSN/TIN so he can cause problems.
     
  7. Edward 96GTS

    Edward 96GTS F1 Veteran
    Silver Subscribed

    Nov 1, 2003
    9,192
    im currently evaluating Dharma services. supposedly has a good reutation.
     
  8. mwarrior

    mwarrior Formula Junior
    Silver Subscribed

    Mar 18, 2004
    367
    Ontario and Texas
    Full Name:
    Gagan P
    In Canada if you swipe an EMV card you pay a higher fee. Also, you're responsible for chargebacks so as long as you know your customers won't try and stiff you you should be good.
    If getting new processor just watch for interchange fees that's where they nail you. I had a processor try that, all of a sudden I'm at 3.5% for some World Mastercards... pushed all my volume to them, then dropped to $50 a day before they changed the "Retailer type" to Petroleum (and the fees dropped to under 2%)
     

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