credit card processor squre one

[kennyny]

I can chime in a bit with this one since we work with card processors all of the time. It's integrated into our ticketing and retail point of sale software.

SWIPED - Whenever you can swipe a card, you will get the best rate. Card present transactions typically possess less risk of fraud.

Non-Swiped/Keyed (also considered MOTO) - Higher processing fee charged to you per transaction if you have to manually key in the card numbers (more risk).

Ecommerce - Typically the highest processing fee charged. Highest risk of fraud/chargebacks.


Square - Great because anyone can set up an account within minutes. No application process, monthly fees, or hardware to buy (aside from the iOS device or Android device). Deposited directly into your bank account. 2.75% SWIPED or 3.5% KEYED (no swipe). If you exceed I believe $2000 worth of transactions in a week of non swiped, then I believe they can hold the funds unless you contact them. I only use Square for AMEX transactions. Square does not have any customer service number listed. Only contact is through email. I haven't heard of anyone using Square as a high volume processor so not sure of the hold back if any.

Traditional Merchant Account - You typically would have to buy the hardware or lease it. Some companies provide the software that can be installed on your computer so no terminal purchase needed. Just the card swipe (~$65). There is a brief application process, and monthly fees are deducted (~$20 month). Most processors will let you put your account in seasonal standby and charge around five or ten bucks a month when you're not processing. Traditional merchant processors have the LOWEST SWIPED FEES. With my haunt it's around 1.75% Visa/MC/Disc SWIPED. Cash is usually in your bank account in 1 - 2 business days. Don't forget, transactions run on Friday night will not be in your account on Saturday or Sunday. Traditional merchant accounts are always recommended for high volume processing and most I've come across have 24/7 support (sometimes you have to call in for authorization).

PayPal - I know they are offering a lot of new products to compete with Square and have not checked them out since I did my online ticketing through Paypal years ago. I did have a few problems with paypal back in the day and know of other haunters that had issues as well regarding account freezes.

My advice, if you're taking over $10,000 in credit card payments in 30 days, go with the traditional merchant account. Less then that you may want to check out Square and Paypal.

[BigT]

I used to have a merchant account with my other business, It became costly with all the added fees, cost of the terminal, etc. I opened a Square account, and they do provide you with a customer service number if you have problems. If you use a GSM network (ATT or T-Mobile are GSM) the air-interface to the tower is encrypted. No security concerns there. Businesses all over Europe and Asia are now accepting payments through cell phones now, eliminating the need for credit cards. They have actually seen fraud go way down as a result.

THere are a few new companies coming out with similar services as Squared. I personally like the fee structure better than the merchant accounts, and the responsiveness I have seen to date. Just my two cents.

[HauntedDeadEnd]

How about PayPals similar to Square and a bit cheaper in fees.

[sean]

The latest episode of the Big Scary Show has a interview with the guy that runs Hauntpay. He might be able to help you out...

www.hauntpay.com

shameless plug