CREDIT CARD PROCESSING FEES

[jenm]

IS ANYONE ELSE TIRED OF PAYING HIGH FEES FOR CREDIT CARD PROCESSING FEES? ON AVERAGE, WE ARE PAYING 1.89%. IS THAT HIGH? TAKE A REAL CLOSE LOOK AT YOUR STATEMENT. WE ARE PAYING 5 DIFFERENT %FEES. I WAS NEVER AWARE OF THE FEES CHANGING FROM CARD TO CARD..REWARDS CARDS, MID QUALIFIED CARDS, DEBIT CARDS. IS THIS THE NORM. ANY IDEAS TO LOWER THESE FEES??

[texaslp]

The fees are ridiculous, but there are various vendors so you can shop around for comparison rates-I've been too lazy to go through that hassle and some require you to buy or lease their own equipment etc.

However, I received a routine call recently from our processor asking if there was anything they could do to improve our relationship-I said yes you can lower my rates-and they did!!

You might try calling yours and implying or telling them outright that you're thinking of shopping rates and see what they offer.

[fburrows]

Credit Card companies base their charge largely on the average ticket. They love car dealerships and but hate car washes or business that deal in lots of low priced items. If you shop around you will find that there are deals out there. You might want to first call your existing company and ask for your average charge and volume for each card. Then use this info when you call around.

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Frank Burrows
fburrows@absdata.com

[helpers1]

I, too, am tired of the high fees. I am seeing more and more vendors are not accepting American Express, and have run across several dealers doing the same. We try to encourage the debit/check card VISA/MC rather than the credit card VISA/MC, but even myself, I hate putting that pin # in every time I make a purchase...was contacted by Chase Payment Tech, said they teamed up with DaimlerChrysler to give better rates. They are comparing our current rates to what they can do as we speak. crossing my fingers, but not holding my breath ...