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Credit processing fees?

Tyler Rice
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They tell me my rate is 1.75 to 2.5. It usually averages a little over 2.  I've been through one lying company after another and even had my name forged. The thing that finally helped me was when my bank kept bugging me to use them they stuck to their rate for the first few months. Then they kept bumping it up. I never cancelled my old processor so when I caught them bumping it I just started using my old company again. Then the bank would call me asking why Im not using them. I just told them the truth. We fought. Alot. All I can say is dont cancell the old company and let them fight over you. 

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Who are you guys with where you get these great rates? 

  • 2 weeks later...
idaho_mechanic1984 Rookie

idaho_mechanic1984

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Same Question! - Which ones are you using that are legit - consistent and no problems?

I'm very small and pretty low volume - so I just use Square - more expensive - but very accurate, consistent, no BS. Deposited within 24 hours usually.

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I'm banking at Wells Fargo and using their processing. The money is there the next morning and Amex fees are the same as visa. I was paying more for Amex with the others plus had to wait for my money.  They havent been nudging up the fees either which was a problem before. I have a 3 man shop and do about 500k a year if that gives you anything to go by.  Maybe those guys that pay low1% have enough clout to demand that. 

 

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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

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