Credit processing fees?

[Tyler Rice]

We currently pay 2.5% in credit processing fees. Is this average rate or does this seem high?

[Guest]

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. 

[xrac]

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[JBockman]

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[Guest]

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

[idaho_mechanic1984]

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.

[Guest]

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. 

 

[SMMotors]

We shoot for 1.6-18% combined. Averaging 1.7%  Local bank doing the processing. Machine cost is$40/ unit.