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Choosing the right company for card processing


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I'm in the process of opening my shop, and initially had difficulty finding a company to accept credit cards. I searched online for hours, tediously comparing and contrasting products, services and fees. There are so many expenses that come along with opening a shop (licenses, advertising, equipment, etc). Needed to keep my overhead down and make things as seamless as possible.

 

My three criteria for choosing the right company for card processing:

 

No binding contract - Verizon suckered me into signing a 2 year contract last year, but try to avoid it all costs.

 

iPad POS System - There are tons of different back office software options for inventory control, but wanted something that would be compatible with my card processing to use at the point of sale. Fortunately, there's some good options for the iPad and apparently it will alert me when a part needs to be restocked. Also purchased a stand and cash register for the iPad. I haven't used it yet, but seems great!

 

Low credit card fees - The company I went with gave me 2.00% fixed rate for all cards including Amex, which is far lower than any other quote I received. And no contract. Make sure you do your homework before signing on the dotted line.

 

Pleas share your experience dealing with card processors?

 

 

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I got a killer deal through a friend of mine. I bought the machine outright which does chip cards, pin debit, it's a touchscreen standalone unit on Ethernet by first data. The key is to see what they charge as basis points. The interchange rate is fixed and nobody can do lower on that for you. But then they charge more for their own benefit. My provider is at 6 basis points. That's .06% on top of interchange. And $.15 for debit transactions. Key is to swipe as much debit as possible since it's nearly free. That brings your average down. I use jrctedit.com they are a 2 man crew and very helpful. Helped me every step of the way and answer emails and phone calls in a manner of minutes. I highly recommend him. I've had 3 others and they were all nightmares.

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