World pay are quoting us 0.685% for credit cards, 0.3% for debit with a 4p transaction fee.
Another company are quoting 0.6% , 0.3% and 3p fee. Online reviews aren't so good for their customer services though.
I've haggled world pay to those figures,they don't seem to be budging any further.
What is everyone else paying?
For what sort of revenue? We pay considerably more, but this may be because the economy to scale isn' there. And for what service? We abandoned card terminal and monthly sub (mostly used for phone sales) in favour of stripe which is good for phone sales and payment processing for online sales. At face value, and with assumptions about what you're getting then I'd be giving them a hi five and signing something.
Paying about double that, but as above - depends a huge amount on turnover etc.
Terminal takings range from £8000 to £25000 a month. That is 400 to 1100 individual transactions.
So we are not a fan of the transaction fee.
I'm interested how much a car dealership has to pay as a fee as 4p on £15000 is not a problem. 4p on a £1.99 is.
How do contactless payments compare? Or is it the same as making a normal chip 'n' pin payment?
I'm interested how much a car dealership has to pay as a fee as 4p on £15000 is not a problem. 4p on a £1.99 is.
95% of car sales will be financed so only deposit paid by card and probably not to them, to the finance company.
Contactless was cheaper but now it's just the same.
I'm always interested in how much this differs between retailers.
Obviously no charge for small transactions at Tescos etc, all the way up to 'we can't accept card for less than £10' in smaller establishments in the highlands. 4p on £10 is what, 0.4%? Are margins that tight?
Also, some places (I'm sure this is a mistake) just round up the total to £10 then give you the change (cashback, in effect) which surely doesn't change the reason for not accepting transactions under a tenner etc.
Iirc .6-.8 % on credit depending on issuer and about 12p on debit. No percentage on debit. Much rather pay a fee than a %age. World pay are fine - whenever I've spoken to the customer services they've been more than helpful.
I was in the post office the other day when someone bought a 15p photocopy and paid on debit card. Staff weren't fussed I almost said do you know how much that's costing you! It's a cost of business though, really annoys me when people have either minimum spends (within reason) or charge a surcharge for a card payment.
Most holiday companies charge a 2% to 2.5% surcharge for paying by CC, they're probably making another 1.5% profit on it....
^ I'm convinced it's not so much about the extra profit - it's about removing your rights under section 75 etc regarding cancellations and such like. Should be illegal imo.
We charge 1.5% on holidays for credit cards, debit card fee is under £1.50 per transaction. The debit fee went up from 50p at the end of last year. Some premium cards cost us 2 to 2.5% (decided by the merchant organisation we don't know ahead of the transaction) while AMEX is 7%. We don't accept AMEX as the clients wouldn't pay the fee.
We only do ground arrangements though.