Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Merchant processing fees

Options
  • 13-02-2016 2:42pm
    #1
    VincePP
    Closed Accounts Posts: 982 ✭✭✭


    Thought i share new rates i got from merchant processor

    Credit cards 0.75% down from 1.2%
    Debit cards (visa & mc) 12c down from 16c

    Business cards 0.2% additional - down from 0.25%.

    Card turnover is about €2.5m / year split 60/40 credit/debit

    Savings of about 7k :D


    Hopefully it gives a target to others.


Comments

  • Options
    #2
    EIREHotspur
    Registered Users Posts: 767 ✭✭✭EIREHotspur


    Interesting...do you run an online store??

    Stand back and wait for the delgue of PMs knowing where you got this deal....

    First time in a while I have seen prices go down...


  • Options
    #3
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    EIREHotspur wrote: »
    Interesting...do you run an online store??

    Stand back and wait for the delgue of PMs knowing where you got this deal....

    First time in a while I have seen prices go down...

    Online and regular stores.

    Barclaycard offered slightly higher (very slightly), so most merchant providers should be close enough.

    Remember the budget reduced the interchange rates between card issuers and processors, (0.3% credit card 0.1% debit card) but naturally the processors are not going to voluntarily give this to you.

    My new rate still gives them almost 0.5% for their own operating costs.


  • Options
    #4
    BarryD
    Closed Accounts Posts: 2,917 ✭✭✭BarryD


    How long have these providers been in business? I think it's Payment Sense that's behind this: http://paymentsense.ie

    Anyone have a track record of using them?


  • Options
    #5
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    BarryD wrote: »
    How long have these providers been in business? I think it's Payment Sense that's behind this: http://paymentsense.ie

    Anyone have a track record of using them?

    Barclaycard have een arind for decades as have AIB/First data as have Elavon (originally part of Bank of Ireland) and World Pay (originally part of Ulster Bank)

    there are new services in the space, but I deal with one of the main processors. Obviously the new players are pushing too and this is making the main players wake up and give better rates.

    Technology and reduced interchange fees have also led to reductions - but like many places, they won't pass them on unless you ask.


    Simply say you've been offered good rates by another provider and ask current provider to do a rate review.

    The email will take about a minute to send and could save you thousands - and not even have to change provider.


  • Options
    #6
    BarryD
    Closed Accounts Posts: 2,917 ✭✭✭BarryD


    VincePP wrote: »
    The email will take about a minute to send and could save you thousands - and not even have to change provider.

    Thanks for taking time to reply. I'm actually looking for a new provider, we've used PayPal for a few years but that's not ideal. So any suggestions as to who offers good rates and reliable service in that regard would be welcome.


  • Advertisement
  • Options
    #7
    mneylon
    Registered Users Posts: 7,739 ✭✭✭mneylon


    There's essentially two ways to process payments:
    1 - with your own merchant account
    2 - via a 3rd party of some kind

    If you're doing low volumes using a 3rd party probably makes sense, but once you've got higher volumes your own merchant account is usually cheaper.

    Talk to your bank, talk to their competitors and get pricing and rates from as many as you can. Bear in mind that there can be nasty extra charges that won't appear in the standard rates.

    Blog | Tweets



  • Options
    #8
    BarryD
    Closed Accounts Posts: 2,917 ✭✭✭BarryD


    Blacknight wrote: »
    There's essentially two ways to process payments:
    1 - with your own merchant account
    2 - via a 3rd party of some kind

    Thanks, yes we had a merchant account some years ago with AIB for MOTO type sales, costs had a habit of increasing.

    Latterly used PayPal, as I mention above. But not the smoothest experience for customers.

    Contacted PaymentSense and did a bit of googling, seems like they might not fit the bill...........

    What other 3rd party payment processors are commonly used here for online sales: WorldPay, Realex?? Anyone any advice - appreciated, thx


  • Options
    #9
    mneylon
    Registered Users Posts: 7,739 ✭✭✭mneylon


    BarryD wrote: »
    WorldPay, Realex?? Anyone any advice - appreciated, thx

    Worldpay offers gateway + merchant account
    Realex is gateway only

    Blog | Tweets



  • Options
    #10
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    For online you'll need a gateway like RealEx to do the secure processing from your website.

    For RealEx to process payment they will need to have a merchant id number for you.

    For a merchant id you will need a payment processor such as elavon, first data/aib, world pay etc.

    RealEx will charge min €29/month for up to 350 transactions.


Advertisement