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credit card processing

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George A Easton

Junior Member
Joined
Jan 5, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
hey gang, sorry if there's already a thread on this as i assume there is, but a quick search came up blank.

i'm considering going credit card and wanted to know of any suggestions people might have. i got a quote from a local company, but they're talking $70 per month, plus a 4 year lease on equipment plus of course transaction costs and then another $150 for setup. i've got no problem with the transaction costs, but figured there's a more efficient way to save myself from paying $840 a year for the equipment. they have an online option that's $30 per month, but then we're talking the same $150 setup and then $300 for the software. either option is a lot pricier than i was expecting. any help is appreciated.
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I take credit cards through paypal on my website. Quick & easy, no set-up fee, just a minimal per-transaction fee.
 

George A Easton

Junior Member
Joined
Jan 5, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
yeah, i've done that for a few transactions, but it seems that 1 in 3 people have no idea what paypal is. i actually hovered over a lady while she created a paypal account... on a dialup connection. nightmare. so far i've only offered CC as a last resort- and only through paypal. but i like the idea of knowing immediately if funds are legit or not.
 

SevenDay

Freshman Member
Joined
May 9, 2008
Professional Status
Certified Residential Appraiser
State
California
yeah, i've done that for a few transactions, but it seems that 1 in 3 people have no idea what paypal is. i actually hovered over a lady while she created a paypal account... on a dialup connection. nightmare. so far i've only offered CC as a last resort- and only through paypal. but i like the idea of knowing immediately if funds are legit or not.

I also use paypal for credit cards, but paypal recently eliminated the requirement for clients to have a paypal account to use it. They just click the payment button on my website, enter in the credit card info, and click submit. It's all done securely on paypals website, theres no setup fees, and is quite simple.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
I've got a friend that's in the Credit Card business. I forwarded him your OP to see if he can put together a better deal.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
PayPal. Simple. Relatively inexpensive.

Though I rarely have someone pay by credit card, during the past couple of years I have not experienced anything negative regarding the use of PayPal.
 

David Sawyer

Member
Joined
Mar 8, 2008
Professional Status
Certified Residential Appraiser
State
Florida
Being in Southwest Florida, I will only do C.O.D. unless it is for a bank or local established mortgage broker. The majority of my lenders are out of state and most of the borrowers are likewise out of state as they are retiring or buying second homes in the area. I could not operate without accepting credit cards as approx 50-55% of my payments are through credit cards.

I set up through my local bank a merchant account which cost maybe a $100 set up charge and I am charged 2% on each charge. I run the credit card number obtained over the phone from the borrower or the mortgage broker online and receive an instant verification that second. Later in the evening I get a copy of the credits for the day and it appears in my bank account the next day.

Like I said earlier, I could not operate without accepting credit cards. I only accept Visa & Master Card.
 

Kali the Boston Terrier

Senior Member
Joined
Jul 7, 2003
Professional Status
Certified General Appraiser
State
Michigan
I have been accepting credit cards for 8 years now. Only until the last two months have I ever had any problems. I have one customer who did a chargeback for $4k, 6 months after the assignment was complete (he did not like the value). 6 months after I processed the card, they removed the funds without any warning. It was until three days after they removed the funds did I get any notice about the chareback. I one my initial fight with the processing company but it took 2 weeks to return the funds.

Now the cardholders company is fighting on their behalf, so I am elaborating all the same points to them again. So read your cc company's policy on chargebacks, if they can just reach into your bank account without any warning...is it really worth having an account?

I will be cancelling my credit card aceptance as of Monday, so its kind of ironic to see people start talking about this again.
 

Josh Shapiro

Member
Joined
Jan 17, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I use Nova. It is an online processor and runs about $40.00 a month. No software fees, just a minimal fee per charge I think it is like 2.9%. On $350 i think it charges me about $10.00.

Paypal is easy as well. Users dont need to have an account, just an email address.
 
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