DC777Fan

The dude makes money (a living? dunno if he has another job) doing what we all love doing and distracts us from our real work. As much as I love my own job, being employed in my guilty pleasure would be much cooler, so beyond criticism for me...


Here's what I pay to accept cards. It's different for merchants based on what you negotiate with the banks (which basically comes down to how much you process per year).

Yearly:
--$94.75 for some compliance insurance BS

Monthly:
--$10 for mobile app & online terminal (90% of my transactions are card not present phoned in--occasionally on site at events)

Per Transaction:
--$0.20

Per Swipe:
--1.75% for "Visa/MC/Discover Discount" and "Non-PIN Debit" (my guess is this is a non-reward card, gift cards, etc)
--2.15% for "Visa/MC/Discover Mid-Qualified Discount" (my guess is this is the gold/platinum level cards)
--2.65% for "Visa/MC/Discover Non-Qualified Discount" (so Visa Signature cards, MC World Elite, etc)
--2.89% for Amex Charge/Credit cards
--1.95% for Amex Pre-Paid and gift cards

I run about $150k or so in transactions per year--mostly debit and premium cards from what I see when I run them in person (admittedly small sample size).

josephstern

DC777Fan -

Thanks for posting. Looks like you have a "5 tier" system. I think I had a 3 tier once.

The way I work now is with an "interchange plus" account. I get the actual interchange rates, plus, I think (it's been a while since I negotiated it) 10 basis points. Plus fees for things like chargebacks, and, of course, payment processor fees.

So I could have something like 30 different rates.

QL_714

Do you sell any 10k+ items with a liberal return policy?

steventravel

Now all we have to do is get our Square coded as Office Supplies and a contract with INCOMM and we are millionaires.

Stoughton

Not with that sort of business planning

fangtl

I know from experience that Square will likely shut the account down for suspicious activity, after that whatever funds are in the account will likely 1) get returned on the card(s) 2) sit in the account for 30 days until they release it. Not a worthy proposition in my opinion. Plus, Square still has no immediate way of contacting their CS, their phone number leads to a VM and their online form takes ~ 48 hours for a response.

killercut

all these reward cards for me are usually 2.2% and up, somehow we manage to stay right under 2% total processing costs for almost $1million a year in processing.

jada135

Has anybody whose been shut down by square get a second chance?I just got myself a reader and having doubts.

killercut

how did you get shutdown?

josephstern

Are you referring to a traditional merchant account here?

Do you accept cards in person or online/phone?

killercut

yes traditional, in person/store

nwflyboy

No personal experience but I've never heard of anyone being able to get a 2nd chance after a square shutdown.

steventravel

If you do this method slow and steady it could work...

Stoughton

Are you trying to boost your post count for some reason? You've made a pretty deliberate effort to reply to nearly every thread on the board in the past 20 min or so

LAX88

You reply with snide comments to nearly every thread on the board, about every 20 minutes or so too.