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Cheapest merchant charges?

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  • 22-01-2015 9:25pm
    #1
    Mr. G
    Moderators, Technology & Internet Moderators Posts: 4,621 Mod ✭✭✭✭


    Does anyone know who are the cheapest for card merchant services?

    The cheapest I have found was:
    12c per contactless payment
    17c per debit card transaction

    €22 rental per month per terminal
    €20 minimum charge

    I'm sure that there will be at least 100 transactions so the minimum charge is sort of irrelevant.

    Thanks


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    How good a deal you get is going to depend on your volume the bigger the more likely you are going to be able to get a reduced rate. If its <20k a month I doubt they'll get too excited but over that there might be some wiggle room.

    Those numbers look pretty decent though. That's obviously not the only thing to consider you want to make sure they are going to pay in a reasonable time and have decent customer service too.


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    #3
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mr. G wrote: »
    Does anyone know who are the cheapest for card merchant services?

    The cheapest I have found was:
    12c per contactless payment
    17c per debit card transaction

    €22 rental per month per terminal
    €20 minimum charge

    I'm sure that there will be at least 100 transactions so the minimum charge is sort of irrelevant.

    Thanks

    Is there a percentage on top of those rates, they look suspiciously low?


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    #4
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    Mr. G wrote: »
    Does anyone know who are the cheapest for card merchant services?

    The cheapest I have found was:
    12c per contactless payment
    17c per debit card transaction

    €22 rental per month per terminal
    €20 minimum charge

    I'm sure that there will be at least 100 transactions so the minimum charge is sort of irrelevant.

    Thanks

    (All Credit Cards are charged as a %, only Debit cards operate on a flat fee basis)



    Just to give you an indication of what wiggle room is available.....

    I pay :

    .69% for standard Visa cards
    .93% for Mastercards
    12c per transaction for Visa Debit > €15
    And 7.8c per transaction < €15

    No minimum Charge and €20 rental

    Streamline is the Merchant via Ulster bank


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    #5
    listermint
    Registered Users Posts: 33,972 ✭✭✭✭listermint


    What about new services such as square. Are these guys not shaking up the traditional merchant account robbery.


    https://squareup.com/global/en-gb/register


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    #6
    Mr. G
    Moderators, Technology & Internet Moderators Posts: 4,621 Mod ✭✭✭✭Mr. G


    Here they are:

    Paymentplus
    Visa credit: 1.4%
    Mastercard: 1.45%
    Debit: 21c
    €22 p/m per terminal
    No minimum
    Setup is €150
    Rates fixed and support monday - sunday

    IOCsave
    Visa debit: 17c
    Visa credit: 1.15%
    Mastercard: 1.17%
    Contactless/Under €15: 12c
    €20 p/m per terminal
    Minimum monthly of €22
    Setup is €99
    Includes support but no 100% on fixed rates?

    Both are on a 3 year contract, have warranty and support, €140 cancellation fee on both.

    What do you think? We haven't an estimated transaction number or anything as it's hard to estimate. Those were the figures we were given.


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    #7
    Mr. G
    Moderators, Technology & Internet Moderators Posts: 4,621 Mod ✭✭✭✭Mr. G


    Bandara wrote: »
    (All Credit Cards are charged as a %, only Debit cards operate on a flat fee basis)



    Just to give you an indication of what wiggle room is available.....

    I pay :

    .69% for standard Visa cards
    .93% for Mastercards
    12c per transaction for Visa Debit > €15
    And 7.8c per transaction < €15

    No minimum Charge and €20 rental

    Streamline is the Merchant via Ulster bank

    But are you putting a lot of transactions through?


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    #8
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    Wow, Squares rates are insanely high. Absolute daylight robbery ! 2.75% !!!!

    INSANE

    2.75%
    Per swipe, online sale, or paid Square Invoice

    Pay one price for every swipe, online sale, and paid invoice. Accept Visa, MasterCard, Discover, and American Express all at the same rate.
    Get deposits in your bank account in one to two business days.
    Swipe $100, see $97.25 deposited into your bank account in one to two business days.


    3.5% + 15¢
    Per manually entered transaction

    Pay one price for every keyed-in transaction.
    Accept Visa, MasterCard, Discover, and American Express all at the same rate.
    Get deposits in your bank account in one to two business days.

    Key in $100, see $96.35 deposited into your bank account in one to two business days.


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    #9
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    Mr. G wrote: »
    But are you putting a lot of transactions through?

    Yes huge volume


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    #10
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    listermint wrote: »
    What about new services such as square. Are these guys not shaking up the traditional merchant account robbery.


    https://squareup.com/global/en-gb/register

    They're shaking it up in terms of showing others just how much you can charge people these days and get away with it!

    These systems are good for pop ups or people doing a market a couple of times a month and want to take cards but they are normally too expensive to use on a regular basis. I have a sumup unit which is a flat 1.95% with no monthly its a handy back up unit and good for low value transactions but not much else.


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    #11
    IpreDictDeatH
    Registered Users Posts: 267 ✭✭IpreDictDeatH


    Anyone used RMS (retail merchant services)? I'm thinking of swapping but havent heard much on them. Another consideration to think about is how long it takes for funds to be transferred.


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    #12
    Mr. G
    Moderators, Technology & Internet Moderators Posts: 4,621 Mod ✭✭✭✭Mr. G


    Went with iocsave in the end. All went very smoothly, they came out and did everything. Can't fault really, a lot cheaper than AIB merchant services were. Ulsterbank couldn't do cheaper

    Found paymentplus to be very very pushy.


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    #13
    RickN
    Registered Users Posts: 3 ✭RickN


    Trying to cancel with paymentplus and this happened. after a 14 months of the contract signed I needed to cancel it and was told that I had another two years to go, which I was not aware of. The promise by the sales representative Matthew was that if I cancelled within the one year I have €140 penalty of which I knew, but it turns out if I had to cancel after the year I have to pay the remainder of an extra two years contract that I didn't know I signed up for. My mistake was not reading the full entirety of the contact after trusting our provisional agreement that the contract was for one year and the €140 if cancelled earlier.

    In my previous contract with Elavon, it was one year and I was able to cancel if needed after with no penalties. They just asked to package the machine for them to pick it up. Straightforward.

    With payment plus I'm shelving the machine while paying €30/m for the next two years.

    Lesson to learn, READ THE SMALL PRINT!!!


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    #14
    Tony
    Registered Users Posts: 11,327 ✭✭✭✭Tony


    Bank Of Ireland have launched with some monthly flat fee packages http://www.boipa.com/home/

    Desktop PC Boards discount code on https://www.satellite.ie/ is boards.ie



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    #15
    wibago
    Registered Users Posts: 72 ✭✭wibago


    Among all these merchant services (Chase, Clover, Moneris, Evalon, Square, etc.) which one is value for money & less headache for business owners?



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    #16
    RodVelvet
    Registered Users Posts: 337 ✭✭RodVelvet


    https://www.boards.ie/discussion/comment/120459923#Comment_120459923

    I went with Payzone for the cheapest rates, Super Payments in the UK looks interesting if they launch here.



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