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A question about accepting credit cards

  • January 4, 2013 4:07 PM EST

    Credit card is a great facility, but sometimes it can be risky, if you don’t use it smartly, sincerely. Generally credit card users make some mistakes like they withdraw cash money from their credit cards, in this situation credit card companies charge heavy and regular interest on cash withdrawal.

    • 1 posts
    May 30, 2011 7:41 AM EDT

    As much as 3% may appear, the credit card companies and competing services (Authorize.net,Intuit, Square, Paypal and Venmo to name a few) are very good at what they do.  This is not where you want to supply your differentiator.  If you have products or services that enable sales, then let the money people make their fee and you make your money on the product or service.  We will see the transaction fees come down over time, but this is not your competitive advantage.

     

    Dan

    ---
    www.boomerangtool.com www.cornelllawgroup.com

    • 11 posts
    April 24, 2012 3:50 PM EDT

    Not all credit card processors are like the mob. Pretty ignorant of a thing to say. Just as their are unfaithful spouses, there are also faithful ones. And 3% by the way is extremely high.

    • 1 posts
    December 28, 2012 1:08 AM EST

    Credit card users should be very smart while they make payment through credit cards, they must know all the charges details of their credit cards. Consumers should never withdraw cash money from their credit card.

     

    • 1 posts
    April 7, 2011 8:11 AM EDT

    Hi all,

    I'm in the process of starting a website where people can sign up and create their own "stores" to sell their items.


    Now it seems to me that the majority of credit card companies charge around 3% for this, with an additional $0.30 per transaction on top of that (roughly). Is there some kind of service that I am overlooking to avoid such high fees? We were only planning on charging customers 3% for OUR services, let alone the credit card fees. I have a hard time believe a site like Etsy is paying a credit card processing company 3% per sale. Any tips?

    Thank