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Old 04-02-2019, 06:56 AM   #1
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Default Lowest cc fees

I currently have square and joist for credit card swipes. Looks like i got that air compressor job i posted about at 33k, bc the company sent me a letter about how in an effort to speed up payment process Etc they will now be paying their contractors with credit card. Does anyone on here have a similar situation where a big client pays with credit card and if so who do you use to get the lowest fee? I would hate to give up 2.75
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Old 04-02-2019, 07:07 AM   #2
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If you are going to be doing a lot of credit card transactions, setting up a merchant account might be your best option. You will have monthly fees and it will only work out if you know that you will be getting a lot of payments via CC.

When I started accepting credit cards, I raised my rates across the board to cover the fees. But it still sucks actually paying those fees, so I try to find out who is going to pay with CC and pad the price with those fees before giving it to them. If the customer surprised me with it and I really don't want to take the hit, I will say that there is a 3% fee for using credit cards and give them the choice. I know that might be against the CC processor's terms of service, but it's not like I care about those.
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Old 04-02-2019, 07:25 AM   #3
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Divide your price by 0.9725 and charge them that price.
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Old 04-02-2019, 07:37 AM   #4
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See if they'll do ACH in lieu of cc.
We have some customers who pay that way and it rocks. Instant 100% cash money in your account, no checks to deal with, no fees to pay.
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Old 04-02-2019, 08:00 AM   #5
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See if they'll do ACH in lieu of cc.
We have some customers who pay that way and it rocks. Instant 100% cash money in your account, no checks to deal with, no fees to pay.
FWIW, I am pretty happy with checks. I deposit them thru my phone in the truck before leaving the job, and the money is always cleared the next morning.
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Old 04-02-2019, 08:05 AM   #6
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Ask them to send the payment to your email address if your banks do that.

Interac e-Transfer.

Instant.
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Old 04-02-2019, 08:11 AM   #7
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Ask them to send the payment to your email address if your banks do that.

Interac e-Transfer.

Instant.
We don't have that. It actually sounds really scary when I hear you Canadians talking about it (although I'm sure it's not).

That requires both parties to sign up with that service that allows money to be sent to email addresses? So essentially it works similar to Paypal in which I can send money to another Paypal user if I know their email address?
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Old 04-02-2019, 09:05 AM   #8
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We don't have that. It actually sounds really scary when I hear you Canadians talking about it (although I'm sure it's not).

That requires both parties to sign up with that service that allows money to be sent to email addresses? So essentially it works similar to Paypal in which I can send money to another Paypal user if I know their email address?
Itís password protected and there are limits imposed by the banks according to the clientís banking history. I donít think I have received more than $2000.00 in one shot. It works very well. Once you receive the money, you are directed to your online banking, sign in to your account, push the ďAcceptĒ button and itís done. Quick and easy. There is less chance of fraud than with a cheque and it wonít bounce. The funds are essentially removed from the senderís account immediately even though the receiver has thirty days to claim it (although the sender has the option to cancel the transaction up to the time it is claimed).

I can email money to anybody in Canada as long as they have online banking. I even have one guy who I send money to often and he has it set up that, as soon as I send it, it goes straight into his account.
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Old 04-02-2019, 09:29 AM   #9
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e-Transfer is great. Use it all the time.

I also use Square. Really great for smaller customers who you know you may have to chase. "....and I can take CC if you collect points." makes it easy.

Best part of square is if you don't use it it costs you nothing.
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Old 04-02-2019, 05:57 PM   #10
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We pay 1.6% through our CC processor, but we have a merchant account with Quickbooks. It is $20.00 per month, but we process enough that it is worth every penny.

If you do larger amounts, you can always call them and negotiate better rates.
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Old 04-03-2019, 05:00 AM   #11
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We don't have that. It actually sounds really scary when I hear you Canadians talking about it (although I'm sure it's not).
I think it's safe. It's much like a debit payment. When you pay a restaurant or business with your debit card they have no idea where the money is coming from only that it's there.

I just sent my handyman a couple thousand dollar payments. I don't know where the money went except to his email addy and it's gone from my account (my bank sends me an email when he accepts it). He doesn't know where the money comes from except from my email account. He can only access it from his bank.

I send him the password either by phoning him and telling him the password or in the last payment I sent a text message (not his email).

It's all done thru on-line banking. Should be OK. I guess there is room for a bad guy to intercept this stuff tho.

99 explained it pretty well.
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Old 04-03-2019, 11:49 AM   #12
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I think it's safe. It's much like a debit payment. When you pay a restaurant or business with your debit card they have no idea where the money is coming from only that it's there.

I just sent my handyman a couple thousand dollar payments. I don't know where the money went except to his email addy and it's gone from my account (my bank sends me an email when he accepts it). He doesn't know where the money comes from except from my email account. He can only access it from his bank.

I send him the password either by phoning him and telling him the password or in the last payment I sent a text message (not his email).

It's all done thru on-line banking. Should be OK. I guess there is room for a bad guy to intercept this stuff tho.

99 explained it pretty well.
Doesn't really sound much different than Zelle or some of the other payment stuff out there.
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Old 04-03-2019, 12:00 PM   #13
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Doesn't really sound much different than Zelle or some of the other payment stuff out there.
Yeah, but it sounds like everyone who uses online banking has it... ?

Maybe a national mandate for banks who offer online banking services?
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Old 04-03-2019, 12:08 PM   #14
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Yeah, but it sounds like everyone who uses online banking has it... ?

Maybe a national mandate for banks who offer online banking services?
I think almost all major US banks have Zelle now too. From my phone I can send a request for money or send money directly to someone. Most all mobile banking apps have it built in now.

When my grandfather was still alive it was great. When he needed some cash for stuff he could just send a request and all I had to do was click a button, done and in his account almost immediately.
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Old 04-04-2019, 03:42 PM   #15
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I do contracting for a GC who pays thru Zelle. Nice and fast payments .
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Old 04-04-2019, 05:34 PM   #16
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We have exactly two customers that pay thay way.
They send us an image of a MasterCard, and I use the data to process the card.
I always add 4% admin fee on their invoices and they could care less.
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