Small Business credit card terminal

[silbeej]

Anyone with knowledge on credit card terminals, it would be appreciated. Looking for a credit card terminal for a small business. Was wondering how much they cost, where to get them, and what the service charges are to use one, like transaction fee and monthly fees.

thanks

 

[smokeyrabbit]

You'll need to set up a business or commercial bank account, then they can get you started with the merchant services that you need. Then you can compare discount rates with several merchant account providers and pick the best one.

 

[TEG]

Visa and Mastercard usually charge a flat fee plus a percentage (3.8% or 1.8%), Discover and AMEX charge a percentage, Diners charges a flat fee. Debit cards should only cost $1.

If you get a Business account at your local bank, they can get you set up with a CC reader and connect it to your account.

TEG

 

[CanadaRAM]

These will vary from bank to bank and from locale to locale, but -- $40 - $80 per month rental, merchant fees between 1.5 and 4.5% of each transaction depending on your sales volume, average ticket size and credit/risk worthiness.

If you do not already have a registered business and an established bank account it is going to be very difficult to get a merchant account - you will have to go through a third party like PayPal or another payment clearing house, which will cost you several extra %. In some cases, a new business doing online sales will be asked to put money - sometimes $10's of thousands - on deposit as security against chargebacks and fraud.

If you have an established business, check into your locak Better Business Bureau or Chamber of Commerce because they often have preferred rate offers from banks for their members.

And remember, as the merchant you are liable for chargebacks from claims by the customer, or from fraudulent tendering of the customers' cards, for six months. The bank WILL take the money directly out of your account, and you have to fight to prove that your charge was legit and the goods were delivered. A signature on delivery is essential for every single transaction.