Now Accepting Credit Cards!!

Discussion in 'Business Operations' started by Stonehenge, Feb 5, 2001.

  1. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    Call all the banks in your area.
    Just ask.
    They'll fall all over themselves to talk to you.
    Call Discover.
    Call Am Ex.
     
  2. BillNero

    BillNero LawnSite Member
    from IL
    Posts: 29

    Negotiate your rates! CC Processing is a HUGE Business and everybody and their brother is in it. You should be able to negotiate decent rates from the get go. For example - my first Merchant account was a 2.95% for all cards. Due to the high ticket items we sell and the volume of smaller sales - we now pay 1.67%. The exception is American Express. Unless you are doing in excess of $1,000,000.00 a year on just their card - they won't even talk to you.

    Once you have an established track record (1 year or more) go back and have them re-rate you. Thinks they look for are "Average Ticket Sale" & number of transactions.

    Bill

     
  3. Stonehenge

    Stonehenge LawnSite Bronze Member
    from Midwest
    Posts: 1,277

    John,

    Do you charge a surcharge on your credit card transactions?

     
  4. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    No we don't.
    We do enough credit card volume that I'm not concerned about the small percentage they take. I figure it's a part of doing business, and I look at it as though I'm giving them the percentage to get my money in 3 days. Heck, I'd give most customers 2 or 3% to get my money in 3 days, if they'd take it and pay it.
     
  5. Toddppm

    Toddppm LawnSite Senior Member
    from VA
    Posts: 268

    It seems way easier now to accept cc's, i checked a few years ago for another bus. and couldn't even get a response. I started taking cards late last year, only used it 3 or 4 times but for $1500-3000 each and you know it's going to be in the bank. Good for automatic payments for monthly service too,have them fill out a form agreeing to let you charge whatever amount each month. i'll be pushing this payment method this year.
    John , When i set mine up, in the fine print it said i could not charge deposits before any work was done without permission from the cc co. , don't know how that would matter but it was in there!
     
  6. Mike Nelson

    Mike Nelson LawnSite Senior Member
    Posts: 416


    It is funny how things turn around.Our sealcoating business started taking credit cards back in 1993.It never took off really,so we stopped.
    Now today people are using plastic more than ever,so back to taking them again.
    I feel it will be a big benifit to us this time around.Our drivers won't have to worry about collecting any money when they get done sealing a drive.
    Good Luck to all :D
     
  7. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    Toddppm,
    We'll have to take a look at that. Thanks for the heads up.

    BillNero,
    We will DEFINITELY take a look at THAT... Thank you too.
     
  8. Mike Nelson

    Mike Nelson LawnSite Senior Member
    Posts: 416


    Just talked to a credit card service and they wany 3% of sales and $70. per month. Does this seem right?

    Thanks
     
  9. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    3% seems a bit high. American Express charges that type of fee (although I don't know from experience as we don't handle Am Ex).
     
  10. Mike Nelson

    Mike Nelson LawnSite Senior Member
    Posts: 416

    Does $70. per month sound high?
     

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