Credit Cards

[liteonphotography]

So, I wanted to let everyone know about a resource I recently found. Because I had been taking credit cards with squareup and my numbers were getting over a couple grand a month, I noticed that my fees were pretty high. I got in touch with a friend that works for Chase and they sent me to the partnerships department. Wow, what a difference. Ronald saved me about 120 bucks a month and instead of playing games, I just sent him what I did for the last few months and he came up with a program specific for me. He says he works with many photographers already so they had a pretty good set Schedule A for them. Anyways, here is his contact because I told him I would tell everyone. Ronald Wong - Chase Paymentech - 2148493620 Hope you guys will benefit off of this too. With all these resellers and mlm's out there, its just rediculous. Its nice to see someone that actually takes care of the photography world.

[SCone]

Intuit offers a card system for both Android & iPhone. Not sure of the price.

[Melany]

I recently showed photos in the loca art walk, and the county tax person has been cracking down on the galleries. I was forced to get a tax # from the State of Texas.
I"m a little pissed that they sold my info. I've been overwhelmed by spam phone calls and mail from credit companies trying to sell me their services so I can accept cards.

I don't really have a business, I just got the number so I can show in the art trail.

Do you still get spammed from other credit companies, trying to get you to give them your credit card business?

[RKDauph]

The state can charge a 'processing' fee but the new business information is considered public information and subject to FOIA requests.

Yes, I got a ton of offers after filing my LLC paperwork.

Originally Posted by Melany

I recently showed photos in the loca art walk, and the county tax person has been cracking down on the galleries. I was forced to get a tax # from the State of Texas.
I"m a little pissed that they sold my info. I've been overwhelmed by spam phone calls and mail from credit companies trying to sell me their services so I can accept cards.

I don't really have a business, I just got the number so I can show in the art trail.

Do you still get spammed from other credit companies, trying to get you to give them your credit card business?

[XtremePhoto]

Originally Posted by Melany

I"m a little pissed that they sold my info. I've been overwhelmed by spam phone calls and mail from credit companies trying to sell me their services so I can accept cards.

Just an FYI...The State didn't sell your information. All Business information is public record. The CC processing companies request it and then call you. Business information isn't like personal information, where you can request to be placed on a no-call list etc. Once your number is associated with a Business, the no-call list is out the window.

I think I said this same thing in another thread, about the State Comptroller's office aggressively seeking out people not collecting and remitting sales tax. It isn't just Artists or Photographers, it is ANY business that is required to collect and remit sales tax that they are coming after. Sales tax revenue has dropped, so they are enforcing the regulations (law) more aggressively to try and keep the State coffers full.

-G-

[Howard Barlow]

Any and every venue, such as the OP's situation, art fairs/shows, count fair, etc., where people will be marketing their wares, will enjoy a visit from the state comptroller. It's ususlly cheaper if you have your tax permit before they walk up to you.

[liteonphotography]

yep always. These are independent resellers of people like chase paymentech, heartland, and first data. Don't EVER go with these people. They rip you off left and right ... hide fees, and add surcharges on top of what the real merchant services sell it for. Its so annoying... I used to get like 8 calls a day.


Most of the iphone/andriod solutions costs extra money except square up in which after you past the first 1-2k in sales becomes more expensive. I definately looked into that one too.

[Howard Barlow]

Originally Posted by liteonphotography

...square up in which after you past the first 1-2k in sales becomes more expensive.

From Square? Where do you find this? They recently changed. Now, if the card is swiped, you get your deposit the next day, minus 2.75%, total, regardless of amount. No other fee. If you punch it in, the rate is 3.5%, + 15¢ and you wait for the over $1K for 30 days, but otherwise, your rate does not go up. Otoh, I may be misreading your intent.

[liteonphotography]

its not that it goes up, I'm referring to the fact that 2.75 is a little bit higher than what I am paying , however, if I were doing real little volume, the monthly fee would make going with Chase higher than the extra basis points

[Howard Barlow]

Oh, ok, yeah. With MTG, I think a nonreward card is 1.55%. 2.35 otherwise. I don't remember the last time I saw a nonreward card.

[SpeedRacerSlots]

Current VISA rates here: http://usa.visa.com/download/merchan...ctober2011.pdf

Rates your acquirer / reseller charges you, would be ON TOP of these rate at a minimum.

Would be curious to see what your bank has your MCC set to. They can also give you at a minimum a quarterly report (if you ask for it) that has all the interchange details for you that you actually accepted and processed.

[LadyShutterBug]

interesting. i dropped paymentech in favor of squareup because square's fees were better for me. paymentech had a monthly minimum and charged me if i didn't meet it. i thought that sucked! i always let clients know that checks are preferred, and have no way to predict how my payments will be made.

i have been so much happier with square. does paymentech have an app/swiper that's as easy to use as square? when i was with pmtech, you have to buy/rent the big piece of equipment. not always a good fit, since i have 2 different consult rooms and don't want to drag the thing around with me.

i disliked the way paymentech processed the fees as well. if i charged someone $5000, they put the whole 5000 into my bank account, then at some point each month they withdraw their fees. i'd prefer if they just sucked the fees out before depositing to me.

p.s. regarding square's $1000 limit... all i had to do was fill out a little form for them and they waived that. id doesn't matter if i collect $1 or $10,000, it ll goes to the bank in the same timely manner.

[XtremePhoto]

Originally Posted by LadyShutterBug

interesting. i dropped paymentech in favor of squareup because square's fees were better for me. paymentech had a monthly minimum and charged me if i didn't meet it. i thought that sucked! i always let clients know that checks are preferred, and have no way to predict how my payments will be made.

i have been so much happier with square. does paymentech have an app/swiper that's as easy to use as square? when i was with pmtech, you have to buy/rent the big piece of equipment. not always a good fit, since i have 2 different consult rooms and don't want to drag the thing around with me.

i disliked the way paymentech processed the fees as well. if i charged someone $5000, they put the whole 5000 into my bank account, then at some point each month they withdraw their fees. i'd prefer if they just sucked the fees out before depositing to me.

p.s. regarding square's $1000 limit... all i had to do was fill out a little form for them and they waived that. id doesn't matter if i collect $1 or $10,000, it ll goes to the bank in the same timely manner.

Great that it works for you. Be aware that Squareup DOES start limiting you when you do large transactions and MANY of them in a month. They get scared that you will have a charge back and they will be caught holding the bag. Doesn't matter what piece of paper you sign.

Further, if you key in a card number...and it is a LARGE transaction, it is held. Period.

We tried this method. It was easy to set up, portable and we THOUGHT it would reduce fees. Not so. They held money and it took 3-4 days before the debit actually hit your account and you could use that money.

For me, that isn't timely.

Our current processor only charges us 1.39% on swiped Visa, MC and Discover and 2.69% on Amex. No statement fee, account fee zip, nada. The only fee is a monthly PCI Compliance fee that all accounts are required to have for the PCI Compliance required by Visa/Mastercard.

We have both wireless (smartphone) processing and via a virtual terminal for keyed and swiped transactions at multiple computers. Equipment costs were minimal.

We batch our card transactions each day at 5:00pm and they are available for spending ONE business day later.

Third party processors will never beat (price or service) of the big bank merchant service providers. Third party services like Squareup, etc. HAVE to mark up the Interchange and fees in order to make money...or hold it in a clearing fund that earns daily interest.

But then, these processors probably work for smaller business that don't process many cards in a month and for smaller transactions under 1K.

-G-

Your best place to start looking is your bank you have your Business Banking account with.

[LadyShutterBug]

my biz banking is with chase...lol.

[XtremePhoto]

Originally Posted by LadyShutterBug

my biz banking is with chase...lol.

I have no idea about Chase. I don't do business with them. A word to the wise however, all rates are likely to increase substantially in 2012. You should look to get a decent processor and lock in rates for as low as you can now.

All third party/credit card processors are now required to report your processing activity to the IRS starting this (2011) year. You will receive a 1099K for detailing your activity with the card processing company to the IRS. This will cost alot of money for the Credit Card processing comapnies therefore YOUR rates will increase. They definitely do not work for free.

Even processors like SquareUp will be required to report Credit Card Processing to the IRS.

As you can imagine, this will have alot of imapct on businesses and Individuals alike.

-G-