Taking credit cards

Mtractor

Member
I have a small business selling some farm related items and have thought about getting set up to take credit cards. What do y'all think? I know dome people don't have cash but do have a credit card. I know the credit card company will get about 3 percent if not more. I think I will sell more. May have to adjust prices. May even be able to take a deposit over the phone for something bigger.
 
Most of our sales are credit card. Very little cash, some checks. They use the credit cards to get mileage points. Bad part is we get charged a higher fee on those transactions, so we pay the miles back to the customer, insread of the credit card company. Cost of doing business.
 
You need to really check on the TOTAL cost of the transactions. It can easily be closer to 5-6% plus other fees if you do not do so much volume. The last dealership I worked at added a surcharge on all credit card transactions. The credit card companies raise cane about doing that but they are not the ones PAYING the fees/percentages.

I personally would not want the hassle of dealing with credit cards. The additional cost and bother just would not be worth it to me.
 
I did it!

Yes the cc co. will get about 3%. Just ad it into your overhead costs, same as utilities,rent etc.

For me taking credit cards all but eliminated accounts receivables. My average ticket $ went up because people will spend a little more than the cash they have on hand. My total sales went up also. Far more revenue than the 3% of each job I was worried about losing.
 
College students have adapters on there smart phones that read and communicate CC transactions. From selling cookout burgers, to art shows, there readers sure do work. The kids never see the numbers. Jim
 
My brother has a scanner for his smart phone,I think he said 2% fees. His is almost total mobile business and checks or just too much trouble.
How many people have a hundred dollar bill in their pocket when they lock themselves out of the car at 2:00AM?
 
Sold my 8 N ford to a gentleman today, after he gave it a good looking over and heard it run said he wanted it. I asked him if he wanted to drive it , he said no, "you said there was nothing wrong with it didn't you" I said "no sir there is nothing wrong with it" I told him I was no longer set up to take cc but would take a personal, He said "sonny I am 85 years old and don't do business but one way and that is cold hard cash,I don't know nothing about credit cards, will $100.00 dollar bills suit you? I said yessir that will suit me just fine!!!!!!!!!
 
The world pretty much runs on plastic these days- I think it will more than pay for itself in added sales. If you have a smart phone or tablet, look into Square. Just a little attachment you put on your device, and you don't have to buy or rent the machine. A little cheaper on the transaction charges, too, I think. Another choice for conventional credit cards is Costco.
 
We have used Square for years and it helps sales and it is easy to use. No more lost sales because someone wasn't carrying cash.
 
Wife and I are on vacation right now. Towed the camper 1100 miles to the beach. we will be out 14 days. 99% of our spending is on the card. We brought 400 cash and have 260 of it left. You are not a business if you don't accept cc's. I always kind of figured the merchant that pushed for cash or wanted checks payable to cash was trying to short the ta man.
 
In this day and age if you have a business I don't know how you could sell anything if you did not take credit cards !
 
Having the ability to use credit cards makes tracking purchases so much easier on both sides. But I avoid any place that adds a charge for using credit cards. What I really like is one that gives me a 3% discount for cash. And if that purchase does not need a receipt, even better.

I use Quicken for both my the credit and debit side of my world. My banks communicated directly with Quicken so checks or credit card are both useful here but I seldom carry my checkbook. I do get up to 5% cashback on my credit card purchases.
 
I like to pay cash but a Credit card is must these days as far as I'm concerned,even get a 5 cents a gallon discount at the local Sheetz station on fuel if I use their card.When I use my
BP VISA card they also pay back in the form of reduced fuel price when I go to a BP station and that's based on everything I use their card for not just buying fuel.That's why many people want to use a CC they're making money off using them.
 
You can rant and rave and rail against it all you want but plastic is the way the world is going. If you are running a business you are only hurting yourself by not accepting credit/debit cards. How people pay for their purchases after they leave your place of business is none of your concern. You have your money, today, now. No waiting for the check that may or may not come, and may or may not bounce when it gets here.

There are options like paypal and square that don't charge a lot, 2-3% at most.

I don't know if you can legally surcharge for credit, but you can offer a "cash discount." It never was legal to do that but who knows, maybe the crooked banks paid off enough politicians?
 

You may as well get use to someone else making money off you if you take plastic. Make adjustments in your policy's and prices it will do you know good to pizz and moan about it BTDT... CC co's are crooks you are the victim...

I don't know how BTO keep up with there transactions there system must be different than mine. At the end of the day I will get a batch total for that day I then have to chifer thru my tickets to balance it out. I could log on to my account they make it as difficult as they can for me to track transactions.

I am getting old and tired folks that beach about my policies I don't need them anymore. They are going to beach about everything and drag you down its my show not theirs....

Its part of doing business I am in it for the money I want my money any way I can get it CC does ease the pain make adjustments and apply them... The demon is possible charge backs are not dotting all the i's and crossing all the t's... I have never had a charge back but came close on a $4000 sale, I have had a customer lose his card the day are the day after and had to provide documentation of the sale even tho it was not disputed..

Getting a letter that states provide all the documentation in 7 days are your account will be charged back for it with NO recourse will get you arse in gear... It will also make you aware of the correct policy's to follow :wink:
 
We do farmers markets, flea markets, upscale trade shows, etc where there is no electrical hook ups. We use Square fed thru the smart phone or a tablet, they simply plug in to the phone or tablet. Cheapest card reader she could find. They are improved over 2 years ago. Now accept the new smart cards. One or two devices go to every show, grand kids can and do run them while helping at the shows. I can almost run them, maybe after the next trade show next weekend.
 
I take cards using PayPal, 3% fee. I can do it on my phone or email an invoice they can pay. Been doing it several years and no problems. I don't add a surcharge as a line item and I will not do business with someone who does that. I know as a customer I am paying the fees I just don't want to see it. Most folks are like that I believe. The fees are easily covered by keeping prices up just a tad. For a $3,000 invoice the fees are $90.
 
I would endorse the Square system, I have used it for about 5 years now and am very pleased. Simple and easy. They get 2.75% on a transaction regardless of the card type or the rewards set up the customer has. The money is in your account the next business day . I had other companies before that and was very unhappy with the way they did business with me.
 
If all your transactions are swiped; and they are under say $200 or so, the portable card readers are fine, and lots of companies do that.

If you have large transactions and/or you take numbers over the phone, that's another story altogether. The smaller companies like Square can take forever to get you the money. Or refund it for no reason, even when nobody is contesting it.

Do your research.
 

Last year about 80% of the biz is in credit cards, 10% checks, the rest cash. Our best customers, professional folks, simply don't use cash. We could not have a business without it. We use Intuit, they have a setup that goes right into Quickbooks. Cash is nice, but we don't get enough to really make a difference. We used to get about 50% cash, 50% checks. We had to take credit cards, we were losing customers not doing so. Now we are seeing checks going away, only the elderly customers use checks.
 


Btw, our money is in the account immediately, we don't have to wait days for it to be credited. The way Intuit does it, the transactions are at 2% if they are swiped, and 3% if you key in the info. The percentages are from memory, I'm on vacation, but they are close. I suspect it is done to reduce fraud.
 
Hi, Our business is cash or check. We are only open 3 mo. If open all year we might have to add cc's. Most people will go get cash and come back. I notice a lot of US people will write a check for less than $10 or even $5. (In us) I never see that here in Canada. Ed Will Oliver BC
 
Once again, if you read the responses, it is easy to see where the decline in this country starts from. APATHY. When you take credit cards you agree to a couple different things from the start. One is that every single sale that is transacted, a bank somewhere gets paid. The same banks that pay you no return on your savings along with a host of other evils. Second, you get to live with the fact that every transaction is available to your government for whatever reason they feel they need it. Those are the two big ones for me. I'll leave the social and economic reasons to others. What I see and hear...again...is people saying "it is the future" or "it is the way the country is going". Yup. Darn right! Roll over and bite the pillow. Not like we should have any say in the matters that affect our lives.
 
M try your local bank some have good CC programs (mine did) Avoid some of these out fits that charge $100 a month and 5% fee!! I agree with others in a retail situation it is a good rig to have. Some service providers use it too like plumber, lawn care etc.
 
We don't take credit cards and our bank fees run about $1000 a month due to the number of transactions. Banks don't do anything for free.
 
Back in 1986 I was pulled over by a local town cop for driving too fast going into a small town (speed trap?). To my surprise, the town took credit cards and the cop carried a credit card machine in the patrol car.
 
A bit of "cash register justice?" So, the cop acts as judge, jury, and jailer all in one? How convenient for them........... only "slightly" corrupt and illegal.
 
From a buyer's standpoint,I almost never use cash for anything-the money in my wallet will stay there for months at a time.Using credit cards,I get a statement telling me where I spent money,and I only write 1 check.Cash can be lost or stolen,and would not be replaceable.Credit card lost: just call them up,and cancel,and get a new one.No loss.A few small businesses that I have talked to,said taking cards increased their business.Since I and lots of people don't carry cash,businesses that take cards benefit taking cards.
A few years ago I was selling hay,and it was getting dark out and breezy,and my customer was paying cash,even though I knew him and would have taken a check,and some cash blew out of his hand.We never found it and he was upset at himself.Cash to me is unhandy,you have to carry a small fortune just to pay gas and groceries.Credit is easier,and also I understand they will help you with warranty complaints in some cases.Mark
 
(quoted from post at 22:18:41 04/28/16) Sold my 8 N ford to a gentleman today, after he gave it a good looking over and heard it run said he wanted it. I asked him if he wanted to drive it , he said no, "you said there was nothing wrong with it didn't you" I said "no sir there is nothing wrong with it" I told him I was no longer set up to take cc but would take a personal, He said "sonny I am 85 years old and don't do business but one way and that is cold hard cash,I don't know nothing about credit cards, will $100.00 dollar bills suit you? I said yessir that will suit me just fine!!!!!!!!!

I'll bet you have several counterfeit bills from that transaction.
A fact of the times.
 
(quoted from post at 10:38:24 04/29/16) From a buyer's standpoint,I almost never use cash for anything-the money in my wallet will stay there for months at a time.Using credit cards,I get a statement telling me where I spent money,and I only write 1 check.Cash can be lost or stolen,and would not be replaceable.Credit card lost: just call them up,and cancel,and get a new one.No loss.A few small businesses that I have talked to,said taking cards increased their business.Since I and lots of people don't carry cash,businesses that take cards benefit taking cards.
A few years ago I was selling hay,and it was getting dark out and breezy,and my customer was paying cash,even though I knew him and would have taken a check,and some cash blew out of his hand.We never found it and he was upset at himself.Cash to me is unhandy,you have to carry a small fortune just to pay gas and groceries.Credit is easier,and also I understand they will help you with warranty complaints in some cases.Mark

Many cards actually extend warranties for free, they double it up to an extra year. Plus, many cards give you cash back or points. Adds up pretty quick with large ag purchases. Basically like getting paid back a little for not using cash/check.
 
Hi, Our business is cash or check. We are only open 3 mo. If open all year we might have to add cc's. Most people will go get cash and come back. I notice a lot of US people will write a check for less than $10 or even $5. (In us) I never see that here in Canada. Ed Will Oliver BC
 
Problem with credit cards is you will be charged a MINIMUM 3% terminal fee, more likely 5%-7%.

Also, be aware credit card payments can be cancelled after the fact. Example you run the credit card over the phone or internet, it checks out as good, you send item, customer gets item and then calls credit card company and says he didn't authorize that payment. So customer gets item, doesn't have to pay, and you are stuck with the bill. Credit card company will 99% of the time side with customer, even if you have a signed purchase order or invoice. It has happened multiple times to us, we now will only take credit cards if the person is physically there and enters their credit card pin #. They are the only ones who know their pin so that way they can't claim unauthorized use.
 
mark up the price 3% of the product to cover card charge, and make sure you get enough proof, dvr lic, other info, incase the try to get out of transaction after getting parts..my idea
 
(quoted from post at 08:24:24 04/29/16) Once again, if you read the responses, it is easy to see where the decline in this country starts from. APATHY. When you take credit cards you agree to a couple different things from the start. One is that every single sale that is transacted, a bank somewhere gets paid. The same banks that pay you no return on your savings along with a host of other evils. Second, you get to live with the fact that every transaction is available to your government for whatever reason they feel they need it. Those are the two big ones for me. I'll leave the social and economic reasons to others. What I see and hear...again...is people saying "it is the future" or "it is the way the country is going". Yup. Darn right! Roll over and bite the pillow. Not like we should have any say in the matters that affect our lives.

This really surprises me. Credit cards have been gaining market share for decades. Try renting a car or taking a flight without one. It is a change, but change is normal. At one time we paid in chickens or produce, then it was gold? Or silver? Electronic currency is simply more convenient than paper money. Yeah, the bank makes a fee. Not much, but they are providing a service. As far as the government, they will get bored watching me. Nothing to hide.
 

OK CC talk always makes me mad

I wounder how many folks would be ticked off if I charged them $200 a mo. to handle there money... Lets say today the service charge were reversed and it cost you to use plastic.

I just printed off my Merchant statement Total fee's 208.75.
Convenience comes at a price remember that the next time you hug you card. :lol:
 

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