Do You Accept Credit Cards?

[PDX_Agent]

I am starting up a home based agency very soon (plan to have a storefront when I can get more capital) and was wondering about various Merchant Services that Banks have. Namely, the ability to take debit/credit cards like Visa/MC/Disc.

So far some pricing I have gotten is around $149 for a 'virtual terminal' on my PC that I can log into anywhere, then a $50 account setup fee, a $29.95 month access fee and a $5 a month service fee. Then on top of this the bank wants aroun 2.75% of each transaction.

Is this pretty standard? Some other places I talked to wanted around 1.75% per transaction and did not have as many fees but a higher setup fee.

I am wondering if anyone has great advice for me regarding cards. It is ok to not take cards at all either, I am really not down with paying a %.

I am in P&C only, that is my niche.

Thanks in advance.

 

[moonlightandmargaritas]

Shouldn't this be in the P&C forum then?

 

[DJM]

Just curious, what are you going to use the merchant processor for?

 

[Jeff]

As an agent, why would you need to take credit cards yourself???

Anyway, the rates above seem high. I have an unrelated small business with a virtual terminal. Costs are $25/mo plus around 1.75%. You should be able to get w/ no set up fee and lower costs. Also, they are negotiable and don't get stuck in a long term contract. When my contract is up I'm switching since I can now get better than this.

 

[DJM]

ive got 1.35% with no fees or anything for an unrelated business I own. but I do large volumes. really LARGE volume

 

[briko3]

Now you've got me curious. What type of unrelated business do you own?

 

[DJM]

I own a couple of retail stores in Michigan
My heart is in insurance though

 

[somarco]

Swiped rates are lower than "card not present". Are you taking phone orders?

 

[GetInsurance]

Retail as in clothes? I'm curious what they are, I'm in michigan as well and also own a cell phone shop on the side in Detroit. My rates are 1.59 with a 20 cent per transaction fee.