What do i need to do to get a credit card machine for my business?
Oct 13, 2009
in
Credit Card Machines
for years we have only accepted cash at our taxi company but for the past couple months we’ve been getting LOTS of request for credit card transactions. excuse my ignorance but what do i need to do and where do i start. i have no idea what to do.
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4 comments
Emma on October 13, 2009 at 9:31 am
Talk to the bank your business uses.
Ed on October 13, 2009 at 9:31 am
It’s really not a big deal.
All u need to do is call a Credit Card Merchant company and let them know ur interested in their services. They’ll provide u w/the machine for a monthly fee, in some cases they have promos and the machine comes w/o the fees,(although its still theirs), or u can also purchase the terminal urself, but u still need their services to process payments, and assign a bank acct where u want those deposits to go into.
The most important thing in all of this is to compare the FEES of at least a few such companies before making a decision as that will determine ur profitability from such transactions.
Your def better off all cash, no doubt, but if ur losing bis cuz of not taking CC’s then go for it.
Below is a link, just as an example of the type of merchants u need to call.
Best wishes =)
http://www.cardservicesales.com/?wcw=google&cpao=111&cpca=Low+Cost+Conversions&cpag=credit+card+merchant+service&kw=credit+card+merchant
Jeff Knows on October 13, 2009 at 9:31 am
Hello, accepting credit cards is a great way to improve your business’ professionalism and customer satisfaction rating. Most people this day in age expect to have multiple payment methods and credit cards can really help to increase sales and streamline the process in general.
For a mobile business like yours, Taxi Cab Service. You will probably want to get setup with a mobile terminal, basically the drivers would carry a small machine with them that would allow them to swipe the customers card and print out a receipt if nessecary. It would process the funds instantly and would be deposited into your business’ checking/saving accounts and etc.
There really aren’t many downfalls to accepting credit cards, it’s almost a requirement for any modern business that wants to move forward and continue to be profitable. The fee’s are very low if you get the right company, but I do have to stress getting setup with the right company. Many local banks have outrageous fee’s that just cut into your profit margins, and the last thing you want to do is give away more money than you already are to expenses.
I have ran my own business for over 5 years and work with clients every week who are also business owners, over that time I’ve learned quite a bit so if you have any questions feel free to contact me and I would be happy to discuss it in more detail. I really like helping business owner’s and it can be pretty confusing if you’ve never done it before.
Anyway, before I make your eyes bleed I can personally recommend Prosper Merchant Services.
http://www.prosperms.com/
They have been great for me over the years and have a very good rating with most sources. There customer service is great and I know for a fact they give free equipment and have a high acceptance rate which can be difficult to find.
However there are several very good options out there, if you do a google search or talk to some local business owners’ I’m sure they would give a recommendation as well.
Good luck to you, I am sure processing credit cards will help your business dramatically!
Chad F on October 13, 2009 at 9:31 am
Good Morning Gracie -
I saw your post on getting set up with credit cards for your business. I would love to offer m advice and assistance. Some of the other answers have some good points but they also have some questionable ones.
First and foremost, never rent or lease equipment. You will be stuck in a lease for 4 years and it is a non-cancellable lease. What that means is - even if you decide a year from now credit cards acceptance is not for your business you still pay for that lease.
Secondly, avoid signing a contract that locks into a term agreement. The gentleman that said that his company offers free equipment…that may be true, many companies do. But they almost always come in exchange for signing a 3 or a 4 year agreement with the processor. I would avoid that at all costs as well. It completely takes away the flexibility that you have as a business owner.
Third, if a company is saying things like "rates as low as" or "retail rates start at" that should be a red flag as well. I noticed the prosper website does that quite a bit.
There are many ways to process a credit card. In your taxi cab environment it may be by using a handheld terminal, if you have numerous cabs that may not be the most economical way to start out. Thise terminals can cost close to $1000 each. You can also process using Dial Pay. You pay a little more per transaction, but there is no equipment needed. You just call in the authorization over the phone. It is simple.
I would be happy to get you some more information on credit card processing. Here is the company that I would recommend.
http://www.windriverfinancial.com (Ask for Chad)
They deal in at will agreements which means if you are not happy with their pricing or service you can cancel with no penalty.
Thanks.
P.S. Jeff and Ed - It sounds like you are both business owners. If you would like me to review your merchant program for free - feel free to contact me as well.
Have a great Day!!