Credit Card Advise

[Ed Woodruff SRA]

I just started taking credit cards for appraisals. I checked with a number of banks, even the merchant accounts provided by Sams club and Costco. I found all of them to be expensive and cost prohibitive. Then I found out about QuickBooks. They offer a merchant credit card processing service for owners of QuickBooks software. I bought the software, and signed up for a merchant account. When I collect at the door, I never have to worry about checks bouncing, or "post dated" checks, or "we'll pay you at closing", etc... I get my money immediately. It's very easy. Now all I need to do is learn how to use QuickBooks for my business - I will save a bundle on accounting.

I charge $10 more for a credit card, but it only costs me an average of about $6.00 per transaction (I increased my fee by $10.00, and offer a $10.00 discount for cash). If you're thinking about credit cards, this is the way to go. Hope that helps some appraiser out there!

 

[Tom Woolford]

After you get the first dispute from a homeowner that did not get a loan because you didn't hit their fairyland number. You will be canceling that account. Cash money only.

 

[bart nathan]

I had a paypal credit card merchant account for a short time.
All someone has to do is put in a desput and they will take they money from your every time. The best part is you get charged for the charge back refund too.

Check cashed at bank, cash or COD is the only way to be 100% sure to get paid.

 

[DWiley]

Nice tip, Ed. We set ours up through the local bank that does our business checking, and the fees are very similar.

We have taken credit cards for about 10 years now. We have run into plenty of unhappy home owners, but none have successfully challenged a charge.

 

[lizhorvath]

I had a homeowner tell me it was illegal to charge more to cover the credit card costs - does anyone know whether this is true?

 

[Wayne Tomlinson]

It is typically a violation of your agreement with the credit card company. I don't believe that there is any law violation.

Credit card companies don't like it because they want to get ALL the money that comes in on that charge.

Wayne Tomlinson

 

[TN Pro]

It is typically a violation of your agreement with the credit card company. I don't believe that there is any law violation.

Credit card companies don't like it because they want to get ALL the money that comes in on that charge.

Wayne Tomlinson

I thought i remembered reading somewhere that it was illegal in California.

 

[Flygirl 152]

I had a homeowner tell me it was illegal to charge more to cover the credit card costs - does anyone know whether this is true?

Yes, it is true. If any of the major credit card companies such as Visa, MasterCard or American Express find out that you are charging more when a customer opts to utilize a credit card, they can automatically strip your company of the privilege no matter who you obtain the services from. All it takes is for one customer/borrower to complain. My banker informed me of that law when I decided to start taking credit cards, and when I read the fine print it was clearly spelled out.

 

[Kali the Boston Terrier]

One chargeback and you will be cancelling your service. I had mine for 8 years, customer charged back $4000, bank gave me no notice...yank the funds out of my account no warning. On the day of payroll I might add.

I ened up winning, but the chargeback still cost a fee, overdraft fees, and the time spent explaining that just because the client did not like the value does not change the service that was performed.

 

[Mike McCool]

Yes, it is true. If any of the major credit card companies such as Visa, MasterCard or American Express find out that you are charging more when a customer opts to utilize a credit card, they can automatically strip your company of the privilege no matter who you obtain the services from. All it takes is for one customer/borrower to complain. My banker informed me of that law when I decided to start taking credit cards, and when I read the fine print it was clearly spelled out.

Then how do the gas stations everywhere in CA get away with charging more?