Q: I acquire a baby retail business and am asked no added than bristles or six times a year to acquire a acclaim agenda payment. All the companies appetite $300 to $400 for an cyberbanking machine, account fees and a allotment of anniversary transaction. Years ago, I had a simple chiral imprinter and paid no account fee, aloof a percentage. Do any companies still action such a service?
–Jeff Coller, Glendale
A: First, it is adamantine to brainstorm a business that sells to the accessible and gets asked to acquire acclaim cards alone bristles or six times a year. Do you acquire the Visa and MasterCard logos displayed at your business? Judging by your question, conceivably you don’t appetite to acquire acclaim cards because you feel it is too expensive. Be acquainted that studies acquire apparent that if you accustomed acclaim cards added readily, you would acquaintance a 25% to 40% advance in business during your aboriginal year. Even if your absolute costs amounted to 5%, you would still acquire a net sales accretion of at atomic 20%.
The chiral acclaim agenda imprinting machines you bethink were broadly acclimated years ago back the accident of acclaim agenda artifice and annexation was boilerplate a what it is now. Today, 99% of all acclaim affairs are done through what is alleged cyberbanking “draft capture.” The acclaim agenda drafts are printed by annexation the agenda through a acclaim agenda terminal or hand-entering the numbers into an cyberbanking arrangement that speeds up the breeze of admonition and the acclaim approval process.
This adjustment has become the accepted because it enables your advisers to verify the admonition on the alluring band adjoin the name and cardinal arresting on the card, which is an important aegis feature. Also, the alone aberration they can accomplish is entering the amiss bulk of sale. This action is beneath labor-intensive than the ancient method.
You can still action acclaim agenda affairs after an cyberbanking terminal, appliance programs such as “Phone Pay” and “Fax Pay”(for information, analysis http://www
.processcreditcards.net). All you allegation is an imprinter and a blast or fax machine.
There are above drawbacks to appliance these programs, however. First, you will acquire to delay three to bristles canicule for your money. Second, your absolute costs will apparently be 5% to 6% college than with the cyberbanking terminal, because these programs are alleged third-party processors and acquire added costs associated with them. Anniversary will absolute your best affairs to $2,000 a ages with about a $300 boilerplate ticket. If you go over that limit, you’ll either be beneath or captivated up for two to six weeks while the coffer verifies the transaction with the cardholder.
You can buy a acclimated acclaim agenda processing terminal, but you allegation be acutely careful: If you acquirement through anyone added than a acclaimed agent, there are no guarantees on old equipment. Anniversary year, acclimated accessories is actuality decertified by processors in favor of newer technology. The processors who abutment earlier accessories will allegation you a exceptional for accomplishing so. Many retailers wind up with a $300 paperweight.
Finally, due to the attributes of the acclaim agenda processing industry, you will be answerable appliance fees of $200 to $500, additional account account fees, transaction fees and the abatement rate–no amount which adjustment you choose.
–Marc Myerson, president
and arch executive, Premier
Merchant Services Inc., Los Angeles
If you acquire a catechism about starting or operating a baby business, mail it to Karen E. Klein, Los Angeles Times, 1333 S. Mayflower Ave., Suite 100, Monrovia, CA 91016, or e-mail it to [email protected] Include your name, abode and blast number. This cavalcade is advised to acknowledgment questions of accepted interest. It should not be construed as acknowledged advice.
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