Originally Posted by liz at sugar
Wow, how do you only pay 1.5%? We have a very high volume account with NPC for our restaurant, and even though 1.5% might be our interchange fee, the actual cost is more like 2% to 4% depending on the card type, and whether you swiped or manually entered the number.
Unlike Jason, I do like Paypal, and use the Paypal here dongle on both my phone and my iPad. I think it works great, and for 2.7%, I didn't have to buy a POS system or pay any monthly fees.
Ok, I sincerely apologize to everyone for posting the wrong information! I remembered it was lower, but I can't remember numbers I don't look at more than once year (I know many do). Anyway, it comes out to about to 2.8 %, but I run everything online for the convenience of my customers and also so everything is paid in advance. I never see a card, so that's still less than the square which would be 3.5% (plus the per transaction charge).
That savings may not seem like much, but I positively despise giving any entity a percentage of my gross and do what I can to keep them from getting any more than I have to give them. That's partly why I wasn't familiar with the numbers - I try not to think about it when I'm not needing to because it gets me really annoyed. It makes me wonder why on earth I'm in the cake business and not in merchant services.
And I refuse to do business with American Express and Discover.