Wire Service CC rate revisited

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clay

clay

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Aug 12, 2004
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In trying to find areas to save monthly money, I am looking at my CC rate. While I know that very large sending shops can/do get better deals, I was wondering if anybody is getting a better deal than 2.42% (not including WS Zero Earned % which lowers it to 2.11%...yes, I know that I am paying for this in membership fees). Thanks, Clay
 
Bank of america just gave me quotes of 1.99% mc and visa .27 per trans ,2.95% amex .15 per trans, 2.23% discover .25 per trans..

mc and visa rate jumps up to 3.56% if it is a skymiles or other reward card, don't believe TF charges for this right now...

I was also told that the rates with bank of America all depend on how much your particular business processes...They also have two ways of processing, a high speed online for 150.00 setup and 20.00 per month and a regular swipey terminal for 375.00 and 11.95 per month...


Hope this helps..
 
master J said:
Don't just look at the rate, look at what you pay after all dings are added on....non qulaified, etc, we are at 2.25% but after all said and done and you add in all extra dings, its more like 3%
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Yea, good point. The $.25 per transaction adds another .28% (.0028).

I know that a lot of independent CC services break it down between qualified and non-qualified, but I believe it is one all the same regardless with WS Clearinghouses.
 
Clay,
You are correct.....the wire services do not charge a different rate based upon swiped or not-swiped -- or qualified or non-qualified.

This is a really, really big deal in the florist business, since so many of our transactions are non-swiped, and have a greater potential for being bad cards.

Cheryl
 
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Eric S said:
Processing with Teleflora I'm looking at Last Month average of 2.96%

That is up from last year at 2.52%

I'm not sure what to really do to help bring this cost down.
Click to expand...

Whoa! Just had my rep in and my processing average is 1.93%. I wonder why there is such difference between two TF shops? I better check again and be sure she wasn't bs'ing me!
 
my bank just went to Transfirst processor...here's their rates (I'm PO'd that I'm paying those rewards $$)
Visa CPS rewards 1.65% + .10
Visa CPS rewards 1.90% + .10
Visa Bus Lvl2 2.05% + .10
Visa CPS/RTL Ck DB 1.03% + .15
Visa CPS/RTL Key DB 1.60% + .15
on and on and on...........but the kicker
MC Corporate DATA RT1 2.65% + .10

all the different rewards vary from 1.05% - 2.65% and up to .15 each
 
I just noticed in the really, really fine print on the back of my cc statement that visa and mc will be increaseing their % fees in april and tacking on an additonal 4.5cents on all v/mc transactions
 
The other thing that I forgot is that if you are processing amx or discover, the rate that you are charged by FTD/TF is the same rate as MC/Visa...... a blended rate, if you will.

If you process AMX separately, we have found the rate to be well over 5% now.....and a large lag time with both amx and Dis to get our funds. (we needed to keep AMX because of several corporate customers.)

Cheryl
 
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so would you stop taking AE and DC? we continue to toss this around.
 
Kristine:
I could not stop taking Amx or Discover. May at some point in the future, but not right now.
A number of my corporate customers use AMX. Discover is used by many, many of my seniors because of the cash back rewards.

But, that is a decision that every shop has to make.

Cheryl
 
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CHERYL BAKIN said:
If you process AMX separately, we have found the rate to be well over 5% now.....and a large lag time with both amx and Dis to get our funds. (we needed to keep AMX because of several corporate customers.)

Cheryl
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Hmmm... I just got a letter from AmEx in today's mail that effective April 1st my rate will be 3.5%.

I get paid 72 hours after the sale...

One thing I found, and I am calling them as soon as lunch is done, they changed my classification from Retail to INTERNET PHYSICAL DELIVERY and I'm wondering which one is better?...
 
Mark,
When we added in the transaction fee, and the monthly charge for the AMX account, and all the other stuff they wanted to charge us for, it took our rate to over 5%. (on an independent basis, that is).

Thru TF/FTD, my AMX rate and my discover rates are the blended rate, which I stated above.

Our AMX funds usually took 4 to 5 days minimum to be in our bank, as an independent processor.

Cheryl
 
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