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Accepting payments for Cakes - Page 2

post #16 of 26
Quote:
Originally Posted by howsweet View Post
 


Sorry, I wasn't clear -- when I said 2.75% I was referring to the square.  I pay about 1.5 %.  In my business, I never swipe a card -- all my transactions are manually entered, so the square is quite a bit more than what I pay.

 

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.

 

Liz

Follow me on my Twitter handle: @Sugar_Iowa

Or on Facebook: https://www.facebook.com/SugarFineBakedGoodsAndConfections

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Follow me on my Twitter handle: @Sugar_Iowa

Or on Facebook: https://www.facebook.com/SugarFineBakedGoodsAndConfections

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post #17 of 26
Yes, the actual cost is closer to 2 % after fees. I figure it out from time to time, but I'm not good at remembering exactly what it comes out to. When I have time I'll figure it up and post back. And I don't accept am/ex or discover and if someone uses an international card, I warn them there might be an extra fee.
post #18 of 26
Quote:
Originally Posted by liz at sugar View Post
 

 

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.

 

Liz

 

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.

post #19 of 26
Quote:
Originally Posted by howsweet View Post

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). 

Square is still 2.75% for online sales, the higher rate only kicks in if you manually enter the credit card number. It's the same rate for Amex and Discover as well.
post #20 of 26
Quote:
Originally Posted by howsweet View Post
 

 

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.

 

That's ok, I just wanted in on that sweet deal you wrangled!  I would like to get a lower rate, but I currently don't have the mental energy to deal with either negotiating with the bank, or finding a different service provider.  It was hard enough when we opened our restaurant to wade through all the choices out there.

 

Liz

Follow me on my Twitter handle: @Sugar_Iowa

Or on Facebook: https://www.facebook.com/SugarFineBakedGoodsAndConfections

Reply

Follow me on my Twitter handle: @Sugar_Iowa

Or on Facebook: https://www.facebook.com/SugarFineBakedGoodsAndConfections

Reply
post #21 of 26

Thanks, and it sounds like you know why I hate even thinking about it. When I chose my company I shopped it to death - had lots of time for that sort of thing at the time. Now pretty much every year I make a few inquiries and they are always higher.

 

Quote:

Originally Posted by jason_kraft View Post


Square is still 2.75% for online sales, the higher rate only kicks in if you manually enter the credit card number. It's the same rate for Amex and Discover as well.


That's what I just said I do. I said: 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). I will also say it in your words. I manually enter the credit card number   :D If you'd like to know why I think it's important that I do it this way, I'd be happy to explain it.

 

That's a good point about the same rates for the other cards, but I really don't want to support any credit card company getting that much money and for my own personal reasons, I wouldn't do business with Discover if you paid me.

post #22 of 26
Quote:
Originally Posted by howsweet View Post

That's what I just said I do. I said: 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). I will also say it in your words. I manually enter the credit card number   icon_biggrin.gif If you'd like to know why I think it's important that I do it this way, I'd be happy to explain it.

Got it, when you said you run everything online I thought you were talking about an e-commerce transaction through an online shopping cart (which would be 2.75% without having to see the card in person).
post #23 of 26

I just square and I absolutely love it! We do have a retail shop so the Square Register is wonderful. It allows us to put all of our products in and makes it easy to see what is selling. I also really like the reports you can run. 

 

I have never had a problem with money not depositing. There was even a time where the credit card processing easy taking a significant amount of time (it was actually windy at the time so I just figured it was my internet connection). It ended up being an error on Square's end so they waived all of the transaction fees during that time. 

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Birthday Cakes
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post #24 of 26

My goal is to be as precise as you. In my head I already am. :lol:

post #25 of 26

I use swipe and mine costs less than 2.4%, I think that's because I got in when they first launched. According to tehir site they are 2.69, which is still less than square. I use to use square, but had issues with them and not getting my money for days. I do use paypal as well, but most people pay with cheques.

post #26 of 26
Quote:
Originally Posted by jason_kraft View Post

There was a settlement earlier in the year allowing surcharges. It looks like there are still several states that ban the surcharges though.
http://usa.visa.com/personal/using_visa/checkout_fees/

It's easy enough to get around this by just increasing your prices across the board to cover credit card fees, and offering customers a cash discount. Or just pocketing the extra profit from cash customers.

Thanks Jason.
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