Merchant Account w/ Bank

I was wondering if any of you guys have looked into getting a merchant account through a bank? If you have what are some of the pros and cons of having this? I was just thinking that it would be easier for a seller to be able to take credit cards over the phone? Any insight will be appreciated.

Thanks
Alan

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Originally Posted by grunt_11b

I was wondering if any of you guys have looked into getting a merchant account through a bank? If you have what are some of the pros and cons of having this? I was just thinking that it would be easier for a seller to be able to take credit cards over the phone? Any insight will be appreciated.

Thanks
Alan

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It really depends on the number of transactions you expect to get monthly. I had one originally about six years ago and got rid of it after the first year. The monthly fees they charge if you don't process a minimum monthly dollar amount were just not worth it overall. Also, if you get one, be sure and ask them if there is a fee to cancel your merchant account...

Plus most of my internet customers just wanted to pay via PayPal (This may have changed now as a lot of people are down on PayPal these days).

It was convenient at Reptile shows to take credit cards but I didn't do enough shows per year to make it worth the cost.

Hope this helps.

Pay pal offers virtual terminals for $30 a month.
It allows you to run credit cards on your computer just like a reg. machine, with out the xtra fee's.

I think its $30 a month, and then 3% for less than $10k a month, and 2.5% for more than $10k and so on.

It is good for shows if you have a laptop because you can run cards at the show without any problems.

Might be worth a look.

I have looked at this problem long and hard. Most of the accounts have a $15-$20 monthly fee PLUS a $20 monthly minimum (which means if they don't get $20 in FEES from you, then you will owe the rest - so if you accumulate $10 in fees you will have to pay the other $10). Considering the fact that I really only need the service for shows, and the geckos that I'm selling aren't terribly expensive, I kept coming to the conclusion that it doesn't make sense.

Then, I got an email from UPS (I have a UPS account to ship my geckos). They offer a deal through Chase Paymentech where there are no monthly minimums and no monthly fees - there was a $100 one time set-up fee (which is worth it already if you get one or two sales that you would otherwise not have made). The percentage that they take out is higher (3.5%) but another option included a 2.5% rate with a $3 monthly fee and no minimum - even better if you have just a bit more usage than I anticipate at this point. I tried it out at the Super Show and it seems to have worked well - the money made it to my account! :) It is all done over the phone. It takes a while (especially while I'm learning) but it's pretty cool!

I also found some deals using virtual terminals, but the problem there is that you can't get internet access at all of the shows - or at least I can't.

If anyone is interested, PM me and I can give you my contact's info. You do have to be a UPS customer to get the rate that I got (something about two giant companies working together to benefit very small businesses), but he might still be able to find you something workable even if you aren't with UPS.

Good luck with your search!

Just get Square for your smart phone. I belive they charge 2.75% a transaction if it's swiped or 3.5% if you manually put in the card info. Pretty straight forward if you ask me.

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Originally Posted by Mr. Misha

Just get Square for your smart phone. I belive they charge 2.75% a transaction if it's swiped or 3.5% if you manually put in the card info. Pretty straight forward if you ask me.

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6 years old thread ;)


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Originally Posted by Deborah

6 years old thread ;)


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Lol... Silly me. I didnt even look at the dates. How odd, I saw it on top of my list on tapatalk. Oh well...

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Quote:

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Originally Posted by Mr. Misha

Just get Square for your smart phone. I belive they charge 2.75% a transaction if it's swiped or 3.5% if you manually put in the card info. Pretty straight forward if you ask me.

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PlusByEMS charges me 2.25% for keyed transactions. Like Square and PayPal there are no monthly fees, just a straight percentage per transaction.