Merchant Services Options - Revision history

Valerie at 22:04, 6 July 2010

2010-07-06T22:04:50Z

Rfs: /* What Oui Thinks */

2006-11-02T16:38:52Z

What Oui Thinks

Rfs: /* TotalmerchantConcepts.com */

2006-10-12T23:55:05Z

TotalmerchantConcepts.com

Rfs: /* TotalmerchantConcepts.com */

2006-10-12T17:25:36Z

TotalmerchantConcepts.com

Rfs: /* TotalmerchantConcepts.com */

2006-10-11T00:16:52Z

TotalmerchantConcepts.com

Rfs: /* TotalmerchantConcepts.com */

2006-10-11T00:14:20Z

TotalmerchantConcepts.com

Rfs: /* TotalmerchantConcepts.com */

2006-10-11T00:13:17Z

TotalmerchantConcepts.com

Shawn: risk details

2006-10-06T20:55:57Z

risk details

Shawn: decision!

2006-10-06T20:48:16Z

decision!

Rfs: /* Some Assumptions */

2006-09-21T00:59:32Z

Some Assumptions

← Older revision		Revision as of 22:04, 6 July 2010
Line 96:		Line 96:

	[[Category: C7]]		[[Category: C7]]
		+	[[Category: Accounting]]

← Older revision		Revision as of 16:38, 2 November 2006
Line 89:		Line 89:
	We'll talk to Total Merchant, and if the cancellation policy is as easy as it seems, we want to go with them. They're a little bigger, seems more well-established, and if one worker from the company is hit by a meteorite, we most likely won't have to rethink our credit card agreement. We'd also like to not pay as much for termination (this is all new, and we might want to switch companies!).		We'll talk to Total Merchant, and if the cancellation policy is as easy as it seems, we want to go with them. They're a little bigger, seems more well-established, and if one worker from the company is hit by a meteorite, we most likely won't have to rethink our credit card agreement. We'd also like to not pay as much for termination (this is all new, and we might want to switch companies!).

		+	== Implementation Journal ==
		+	* We signed a contract with TMC, got phone lines wired up properly, etc.
		+	* The phone line in use for the two terminals is shared with the fax machine. If this turns out to be a problem we can get another phone line installed.
		+	* We tried using our two Eclipse Quartet's from Verifone. One of them failed (likely bad RAM). TMC took a couple of Tranz's (a 330 and a 380) to test and we should have all hardware sometime today. [[User:Rfs\|RfS]] 08:38, 2 November 2006 (PST)
		+	* Once installation is complete, Michael and I will learn the basics and start teaching others how to use the two systems. See [[Processing credit cards]] for instructions. [[User:Rfs\|RfS]] 08:38, 2 November 2006 (PST)

	[[Category: C7]]		[[Category: C7]]

@@ Line 18: / Line 18: @@
 * 2.05% + .22 (Swiped Rewards Cards)
 * 2.30% + .22 (Key Entered W/AVS transactions)
-* 2.95% (or 2.95%?) + .22 (Swiped Corporate or International Cards)or(Key Entered W/O AVS transactions)
+* 2.95% + .22 (Swiped Corporate or International Cards) or (Key Entered W/O AVS transactions)
 * $8 Monthly Statement Fee
 * $10 Monthly Minimum (Either this charge OR the percentages listed above) -- WAIVED

@@ Line 18: / Line 18: @@
 * 2.05% + .22 (Swiped Rewards Cards)
 * 2.30% + .22 (Key Entered W/AVS transactions)
-* 3.05% (or 2.95%?) + .22 (Swiped Corporate or International Cards)or(Key Entered W/O AVS transactions)
+* 2.95% (or 2.95%?) + .22 (Swiped Corporate or International Cards)or(Key Entered W/O AVS transactions)
 * $8 Monthly Statement Fee
 * $10 Monthly Minimum (Either this charge OR the percentages listed above) -- WAIVED

@@ Line 27: / Line 27: @@
 * Extra charges to accept American Exp. and Discover
 * 3-year contract
-* Risk protection: no credit check.  If something goes wrong, no FG individual has to take the fall: TMC will go to FG as an organization and tell us to figure things out - kind of more of a good-faith thing.
+* Risk protection: There is no credit check required, and if something goes wrong, no FG individual has to take the fall: TMC will go to FG as an organization and tell us to figure things out - kind of more of a good-faith thing. In place of a co-signer with a credit check, we need to show them a year's worth of financials (profit and loss statement  and a current balance sheet).
 == Portland Merchant Services ==

@@ Line 22: / Line 22: @@
 * $10 Monthly Minimum (Either this charge OR the percentages listed above) -- WAIVED
 * $29 Annual Fee (billed 6 months after you begin processing)
-* $49 Reprogramming Charge if you use your own equipment. ('''for each terminal? or for all terminals?''')
+* $49 Reprogramming Charge if you use your own equipment. (for all terminals)
-* Termination fee: '''none(?)''' as long as you give 30 days' notice
+* Termination fee: none (as long as you give 30 days' notice)
 * Extra charges to accept American Exp. and Discover
 * 3-year contract

@@ Line 14: / Line 14: @@
 For pricing, it varies based on how you process the credit cards.
-* 1.60% + .22 (Swiped Check Cards)
+* 1.55% + .22 (Swiped Check Cards)
 * 1.75% + .22 (Swiped Credit Cards)
 * 2.05% + .22 (Swiped Rewards Cards)
-* 2.35% + .22 (Key Entered W/AVS transactions)
+* 2.30% + .22 (Key Entered W/AVS transactions)
-* 3.05% + .22 (Swiped Corporate or International Cards)or(Key Entered W/O AVS transactions)
+* 3.05% (or 2.95%?) + .22 (Swiped Corporate or International Cards)or(Key Entered W/O AVS transactions)
 * $8 Monthly Statement Fee
 * $10 Monthly Minimum (Either this charge OR the percentages listed above) -- WAIVED

@@ Line 23: / Line 23: @@
 * $29 Annual Fee (billed 6 months after you begin processing)
 * $49 Reprogramming Charge if you use your own equipment. ('''for each terminal? or for all terminals?''')
 * Termination fee: '''none(?)''' as long as you give 30 days' notice
 * Extra charges to accept American Exp. and Discover
 * 3-year contract
 == Portland Merchant Services ==
@@ Line 39: / Line 41: @@
 * '''Extra charges to accept American Express/Discover?'''
 * $49 setup and $5 monthly fee
 '''Advantages''': Close-by, in n'hood, so can come by and fix any problems easily.
@@ Line 81: / Line 85: @@
 The number of transactions we process range from 425 to 760 sales and 439 to 804 sales. Means are 632 (sales) and 581 (donations).
-===What Oui Thinks===
+==What Oui Thinks==
 We'll talk to Total Merchant, and if the cancellation policy is as easy as it seems, we want to go with them.  They're a little bigger, seems more well-established, and if one worker from the company is hit by a meteorite, we most likely won't have to rethink our credit card agreement.  We'd also like to not pay as much for termination (this is all new, and we might want to switch companies!).
 [[Category: C7]]

@@ Line 1: / Line 1: @@
 {{RightTOC}}
 Merchant Services are what the banks call credit card processing (and debit card processing, etc).
 We are currently looking at two options:
@@ Line 20: / Line 22: @@
 * $10 Monthly Minimum (Either this charge OR the percentages listed above) -- WAIVED
 * $29 Annual Fee (billed 6 months after you begin processing)
+* $49 Reprogramming Charge if you use your own equipment. ('''for each terminal? or for all terminals?''')
-* $49 Reprogramming Charge if you use your own equipment.
+* Termination fee: '''none(?)''' as long as you give 30 days' notice
 == Portland Merchant Services ==
@@ Line 29: / Line 33: @@
 He gave us a list of what Interchange charges him (and the other services we're considering), and says he add 10 cents and .35% to everything. This makes it easy to tell his exact rates for any given type of card we process.
-He also gave us a sheet entitled ''5 Questions Credit Card Don't Want You To Ask''. He does strike us as honest.
+He also gave us a sheet entitled ''5 Questions Credit Card Don't Want You To Ask''. He does strike us as honest.  He's been in business for a long time, but in business for himself for only a short time.
 == Innovative Merchant Solutions ==
@@ Line 54: / Line 66: @@
 The person that signs the application should have good credit. The organization will be held responsible for any mishaps, not the signer.
 == Some Assumptions ==
@@ Line 67: / Line 81: @@
 The number of transactions we process range from 425 to 760 sales and 439 to 804 sales. Means are 632 (sales) and 581 (donations).
 [[Category: C7]]

@@ Line 63: / Line 63: @@
 Assuming we have a $5 minimum charge we can guess what an average sale might be based on past sales. 5 out of the 21 months since January 2005 have average sales > $25 (if you exclude the < $5 sales.) For donations, this was number is 7 out of 21. This means that it's likely we'll have credit card sales (and/or donations) that exceed the $25 boundary put forth by Innovative Merchant Solutions.
 Total sales totals range from $9,600 to $19,000 per month. Total donations (including monitor fees) range from $10,400 to $20,300. The mean would be about $13,000 (sales) and $16,000 (donations). We could '''guess''' that half of those would be credit or debit card sales.
 [[Category: C7]]