Anyone know how to accept credit/debit cards?

Discussion in 'Business Operations' started by Field King, Jun 27, 2010.

  1. Field King

    Field King LawnSite Senior Member
    Posts: 266

    I know ask at the bank and I will monday but figured I could get a few ideas on here. Anybody accept credit/debit cards, how do u handle it, by phone, is there a portable unit to take in truck to slide card?
     
  2. fredmullegun

    fredmullegun LawnSite Senior Member
    Posts: 317

    sam's or costco has the best deal on that service
     
  3. Clark Griswold

    Clark Griswold LawnSite Senior Member
    Posts: 554

    PayPal has some kinda a deal too, might be worth looking into!

    Clark
     
  4. topsites

    topsites LawnSite Fanatic
    Posts: 21,654

    Yeah but it costs, I'll give you the skinny they gave me at the bank, it has to do with volume...
    Plainly put the more money that goes through the system, the cheaper it gets but
    before you get excited we're talking in terms of tens or hundreds of thousands of dollars.
    Per month.

    Not to blow your idea away but for a small business, you're looking at roughly 10% a transaction.

    That's with a knuckle buster slide machine, the old style, yes they still make and use them but
    my problem is that the knuckle buster has no way of telling if the card is good or not.

    And they can provide you with an electronic device that you could hook up
    through a cellular telephone but once again it gets expensive.

    That's from the bank, then you got all these different deals out there but ultimately it all boils down to the same thing,
    whether they charge you a flat 10% per transaction or they make it look like a different enchilada with NO per transaction
    fee but ooops there's a $60 a month subscription to the service, so that no matter how I look at this it all boils down to
    the fact that so long you process say, less than 10 or 100 thousand a month in credit card bills, you're looking at about
    10% per transaction in fees.

    Roughly.
    And if you get better news, let me know!
     
    Last edited: Jun 27, 2010
  5. nepatsfan

    nepatsfan LawnSite Gold Member
    Posts: 3,142

    Way off as usual. Costs me $10 a month. I bought my own machine. Machine was about $250-$300 I dont remember. Depending on the card anywhere from 1.5%-3% with a $2 minimum.
     
  6. topsites

    topsites LawnSite Fanatic
    Posts: 21,654

    Oh, right, you're so smart...

    $10 a month plus $2 minimum, add it up wise guy.

    Say I get 20 of my $35 guys to pay me credit.
    That's 20 x $2 = $40 + $10 = $50 and 20 x 35 = $700.

    So $50 out of $700 is already 7.142%

    Now figure up the cost of that $250-$300 over the lifetime of that there machine,
    you do know how long that machine lasts, you did ask at the bank, right?
    Yes, it lasts a lot longer if you don't use it out in the field, maybe you get 10-20 years out of it, maybe not.
    But if you get 10 years out of it that adds $2+ a month as well, you didn't per chance forget anything else did you?
    Like say those slow winter months where that $10 a month just eats you?

    I'm telling you, 10% a transaction and if you can manage to come out at 8.16% I really don't care,
    not everyone's going to pay credit and ultimately it boils down to volume, the more you charge
    the cheaper it gets but I'm not wasting my time marketing credit card transactions just to save a %
     
    Last edited: Jun 27, 2010
  7. slowleak1

    slowleak1 LawnSite Senior Member
    Posts: 532

    Of course it is way off. it seems around here new guys with new ideas are frowned upon, kinda like they have the plague or something.

    My bank told me they would provide me with a machine, and charge me $15 a month, plus whatever fees the particular card being used drew.
     
  8. nepatsfan

    nepatsfan LawnSite Gold Member
    Posts: 3,142

    I sell jobs that people wouldnt normally do. Keep your 35 bucks. We would really love a patio but we cant afford it right now. 5 grand, throw it on the card. All kinds of stuff. I dont mind having it at all. I paid for the machine 5 or 6 years ago. I have sold tens of thousands of dollars worth of work to people who wouldnt do the job otherwise. Your money is in the account in 1 day. Do you have to pay for the service yes, but it isnt 10%. The $10 monthly fee is worth knowing you have them money in your account. You can tell me 10% a transaction all you want but it isnt even close, unless all your jobs are twenty bucks
     
  9. KyleOH

    KyleOH LawnSite Member
    from Ohio
    Posts: 37

    paypal VT/merchant services are nice. 20.00 per month unlimited transactions, phone app support to take the card right on your smart phone, email payments etc etc etc. the only bugger is that on large transactions they take a bigger cut...ie 1000.00 might lose you 50-60.00. I usually make that up by simply saying if you use a cc there is a 5% surcharge. most don't mind at all.
     
  10. fredmullegun

    fredmullegun LawnSite Senior Member
    Posts: 317

    If you go to your bank you will get screwed. Sam's charges me 100 per year and that includes a membership. I have heard costco has similar prices.
     

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