Hey Clark -
That is good info - I will check to see if I have any cancellation fees as
you mentioned. That could certainly affect my decision.
Regards,
-Josh
http://JoshTrefethen.com
http://facebook.com/JoshTrefethenPhotography
On Wed, Mar 9, 2011 at 10:57 PM, Clark <digiprint2@yahoo.com> wrote:
> Hi Josh,
> Anyone who is considering taking credit cards or already does take credit
> cards should read this. http://en.wikipedia.org/wiki/Merchant_account It
> explains a lot of things that I wish I knew 10 years ago when I opened up my
> first merchant account. The credit card companies are not going to explain
> most of this to you. They will tell you a swiped rate, a keyed rate, how
> much it is per transaction and act like that is everything. Lots of these
> companies will nickel and dime you and screw you big time if they can. For
> instance Wikipedia says...
>
> Early Termination fee
>
> The early termination fee can be charged by some providers if the merchant
> ends the contract before the end of the contract term. While contract terms
> of 1–3 years are typical, some providers have terms of up to 5 years with a
> one year prior notice to cancel or the fee will be assessed. Some providers
> also assess all statement fees and monthly minimums remaining when the
> contract is terminated. Some providers may also assess a "lost profit" fee
> based on an assumption of profits they concluded they would have earned
> during the full term of the contract.
>
> I just closed the account I have had for nearly 10 years and opened a new
> one with Merchant Anywhere. I have yet to find out what my old account is
> going to expect for the termination fee but after reading this I'm a little
> worried.
>
> I see where square charges 2.75% for swiped transactions and 3.5% for
> keyed. http://www.merchantanywhere.com/index.htm charges 1.69% swiped or
> 2.2% keyed and 30¢ per transaction. Based on my sales this past weekend the
> difference in the interest rates should have saved me more than the $24.95
> monthly fee MA charges. However I received a statement for a transaction I
> did about a week ago. I can already see that there are some small nickel and
> dime type fees that weren't mentioned. I would bet that square has a few
> small surprises on their bill too. We should talk when I get my first full
> monthly statement.
> Clark
>
>
> --- In artshow_photo@yahoogroups.com, Josh Trefethen <joshtrefethen@...>
> wrote:
> >
> > I have been looking at square for a long time as a good way to process
> > payments - was sent my card reader last year, but had not had a chance to
> > test it out until this past weekend at the show in Frisco, TX.
> >
> > The week prior, I filled out a form to have my deposit level increased
> from
> > the $1000 default. About 2 hours after the form was submitted, I
> received a
> > notification that my limit was lifted - and I now had unlimited
> transaction
> > throughput - with immediate deposits to my account.
> >
> > So, this weekend, I used the square system exclusively for all sales at
> the
> > show.
> >
> > I have both an iPad and an iPhone - but chose to use the iPhone since it
> has
> > a camera. When processing transactions, I would take a photo of the
> > artwork, type in the total amount, swipe the card, then have the customer
> > sign their name on the screen. I'd then input the email address or phone
> #
> > to send the electronic receipt. Everyone loved the process and commented
> > that it was "so high-tech" and "like the apple store". I feel like the
> > process takes just a bit longer than my usual swipe and print, but not so
> > long to make it a nuisance.
> >
> > I sold several thousand $ of art (way over the default limit of $1000),
> and
> > all my money was deposited into my account within 2 days. Seems to work
> > great. When I log into the website to look at my transactions, I can see
> > all of the details and the photos of the work sold. Helps with inventory
> > management, and also helps the customers remember what they purchased.
> >
> > Long story short - I am converted! I am going to shut down my merchant
> > account and store and forward, and use this system exclusively. I always
> > have a cell signal at the shows I do, so feel comfortable in making the
> > switch. Plus I wont have the PCI compliance or statement fees each
> month,
> > whether I use the my merchant account or not.
> >
> >
> > Regards,
> >
> > -Josh
> >
> > http://JoshTrefethen.com
> > http://facebook.com/JoshTrefethenPhotography
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
>
>
>
> ------------------------------------
>
> Donate to support the ArtShowPhoto Forum at
> http://artshowphoto.com/support.htm
>
> PLEASE READ....PLEASE TRIM POSTS!!! Keep quoted material short.
> Repeat or create accurate subject lines.
>
> If you want to advertise services related to art shows or photography,
> either in a forum post or on the resource web site, please contact the forum
> owner for permission.
>
> Resource web site at
> http://ArtShowPhoto.com
> Yahoo! Groups Links
>
>
>
>
[Non-text portions of this message have been removed]
http://artshowphoto.com/support.htm
PLEASE READ....PLEASE TRIM POSTS!!! Keep quoted material short.
Repeat or create accurate subject lines.
If you want to advertise services related to art shows or photography, either in a forum post or on the resource web site, please contact the forum owner for permission.
Resource web site at
http://ArtShowPhoto.com
0 comments:
Post a Comment