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Topic: Accepting credit cards over the phone... (Read 182 times) |
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Melissa
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Accepting credit cards over the phone...
« on: Aug 9th, 2006, 5:16pm » |
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Just wondering what online company anyone here uses to accept credit cards over the phone? I can only take personal checks & M.O.'s right now but want to give customers the option of paying with a credit card (I use it myself all the time). Is there a company out there that doesn't charge through the ass for monthly fees?
Thanks for any help!
 mel
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BMoneeTheMoneeMan
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Re: Accepting credit cards over the phone...
« Reply #1 on: Aug 9th, 2006, 5:20pm » |
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Hi Mel, you should contact your bank and see if they have merchant services, and see what the cost is.
Other than that, maybe just do a search for merchant banks in google or something and ask what their rates are.
The commission amounts are typically about 1.5 to 1.75% for visa/mc, and then the monthly fees typically take the charge to over 2%.
AMEX is much more expensive.
I dont know much about it, but can you just get a paypal account and let them deal with it or is that too expensive?
Party on
Brian
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Melissa
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Re: Accepting credit cards over the phone...
« Reply #2 on: Aug 9th, 2006, 5:23pm » |
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Thank you for the info. Brian. I will ask my bank what they have to offer, I needed to call them anyway today.
Paypal charges $20 a month, .20 per transaction and something about 1.75% discount? whatever that means 
It's like you have to spend a fortune just to make $100!! nuts I tell ya!
mel
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Melissa
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Re: Accepting credit cards over the phone...
« Reply #3 on: Aug 9th, 2006, 5:33pm » |
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Just phoned my credit union. They don't have the cc thing, although they can get one set up through a bank that then sends the fund to my acct., but that's a lot of monkeying around for me. 
When things do pick up enough where I'm making several deliveries a week, I'll be opening up a Business checking account (initial $25 in savings and $50 in checking) where people will be able to write the checks out to my business name. Although I don't see where that's all important as when I would invoice them, I can put on there "Please make check payable to:" and then put my name.
Ohforpetesake this is giving me a headache!!!
It's funny how many fees and small print there is when you start your own business!
I'm going to be as stingy as I can! 
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Jimi
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Re: Accepting credit cards over the phone...
« Reply #4 on: Aug 9th, 2006, 5:35pm » |
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I love it when you say......Ohforpetesake 
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Melissa
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Re: Accepting credit cards over the phone...
« Reply #5 on: Aug 9th, 2006, 5:41pm » |
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lol Jimi! 
well, I can go through charge.com who's fees are cheaper at 2.95% & .25 cents per transaction with a $10 monthly fee. That's it. Here's the comparison... http://www.charge.com/compare.shtml
Maybe I'll go with them when I'm ready...
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BMoneeTheMoneeMan
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Re: Accepting credit cards over the phone...
« Reply #6 on: Aug 9th, 2006, 5:42pm » |
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There are several merchant banks that only deal with credit cards and send the money to your bank. That is probably the most common thing.
http://www.www-merchantaccount.net/?keyword=Merchant%20account&sourc e=g
http://www.merchant-accounts.com/?gclid=CNmAp6PI04YCFQZpGAod8DThDw
http://www.merchantbankcard.com/
Hey, Mel, check out these 3 links. Here are just some options.
1 thing, because you will enter the CC number manually instead of swiping the card, there is typically an additional fee, like 20 cents.
Party on.
Brian
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BMoneeTheMoneeMan
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Re: Accepting credit cards over the phone...
« Reply #7 on: Aug 9th, 2006, 5:44pm » |
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on Aug 9th, 2006, 5:41pm, Melissa wrote:lol Jimi!
well, I can go through charge.com who's fees are cheaper at 2.95% & .25 cents per transaction with a $10 monthly fee. That's it. Here's the comparison... http://www.charge.com/compare.shtml
Maybe I'll go with them when I'm ready... |
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depending on how much business you do, that sounds expensive. 2.95% is a lot to skim off the top.
B$
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Melissa
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Re: Accepting credit cards over the phone...
« Reply #8 on: Aug 9th, 2006, 5:56pm » |
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Brian, that was a typo. It's 2.25%, not 2.95. Sorry. 
Thanks for the links! I'm impressed with this one http://www.merchant-accounts.com/merchant_account_moto.htm It looks like it would be affordable for me.
I really appreciate all your help Brian. I am so green to all of this and am learning each step of the way!
mel
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burnt-toast
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Re: Accepting credit cards over the phone...
« Reply #9 on: Aug 9th, 2006, 6:34pm » |
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on Aug 9th, 2006, 5:23pm, Melissa wrote:Thank you for the info. Brian. I will ask my bank what they have to offer, I needed to call them anyway today.
Paypal charges $20 a month, .20 per transaction and something about 1.75% discount? whatever that means
It's like you have to spend a fortune just to make $100!! nuts I tell ya!
mel |
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The fees and charges add up quickly and mistakes can be costly.
Ask many banks and service providers for the following information.
Setup fees/costs - some charge - some don't
License fees - some charge - some don't
Application fees - some charge - some don't
Support Fees - some charge - some don't
Push to get these free, however paying some of these as a one time cost may be more beneficial if in return you get a lower discount fee.
With these - a transaction/monthly dollar limit will be set that you can process without service being terminated or having to contact your account provider to extend your limits. Also you may need to establish/fund a minimum balance that you must leave in your account to cover costs and potential fraud.
Discount Rate - (percentage based charge assessed merchants based on the dollar value of each transaction - credits cost as much as orders) there is nothing discount like about it - it's fees paid by merchants.
Discount rates vary greatly so shop around. Card in-hand fees should be less than fees charged internet/phone merchants. Specify that you want the rates associated with your business needs. Also ask about mimimum charges associated with the discount rate.
Transaction fee - (fixed amount charged the merchant for every transaction processed - credits and orders)
Statement Fee - (monthly fee charged for receiving your statement) Few provide these free but charges seem to range between $10 and $20 per month.
Gateway Fee - (monthly charge for utilizing paymemet services - payment processing capabilities, cancellations, online reports, etc.) Gateway fees also seem to range between $10 and $20 per month.
When/if you get set up, always remember that the merchant is responsible for errors and fraud.
If you mistakenly enter say a $20 order as $2000 (without reversing it before it processes) your charges will be based on $2000 order and $1980 credit - Double check every transaction entered.
Transaction approval is not enough, merchants should wait until after settlement before shipping any merchandise - this usually takes a day or two. If you've shipped the product and the card is fraudulent - the merchant must eat the cost of product and transaction fees - even if the transaction was approved.
Good luck, accepting credit cards is almost a must if you want to increase sales. The potential business increase will usually support the cost of the services - but understand full costs before going forward.
Let me know if I can assist in some way.
Tom
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jimmers
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Re: Accepting credit cards over the phone...
« Reply #10 on: Aug 9th, 2006, 6:47pm » |
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And when someone gives you their credit card number, gimme a call! I could use it to buy beer!
Good luck in your new venture.
Jimmers
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Donna_D.
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Re: Accepting credit cards over the phone...
« Reply #11 on: Aug 9th, 2006, 9:00pm » |
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Mel, direct people to your website and have them pay through pay pal. Or you could send them a request to their email and they can pay that way.
Through Paypal you can get a debit card free of charge and their credit card processing fees are way cheaper than most merchants.
Let me know if you have questions as this is how I take cards.
DD
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cootie
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Re: Accepting credit cards over the phone...
« Reply #12 on: Aug 9th, 2006, 10:48pm » |
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Yeah that's what I was gonna say.....paypal.....alot of stores and stuff uses paypal !!! Even some dog kennels have it setup for payments for pups and stuff and alot of web sites.....like here for donations !! Maybe DJ or Steph can instruct ya how to set it up when they get back from vacation ? That'd probly be your best route. Credit debit Pam
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Melissa
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Re: Accepting credit cards over the phone...
« Reply #13 on: Aug 9th, 2006, 10:54pm » |
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Tom, thank you very much for the information!
Donna & Cootie, I have a PayPal account already (with the debit MC) from doing business on eBay since 1999. I will always accept payment by PayPal, but the thing is my customers would be paying for balloon deliveries and I want to make it convenient for them by taking their cc# over the phone. Knowhatimean?
Thanks for all the great help everyone! I've become much more knowledgable now about credit cards thanks to ya'll.
hugs,
mel
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