Credit Card Machine ?

Discussion in 'Schools / Instructors' started by TallAdam85, Sep 30, 2009.

  1. TallAdam85

    TallAdam85 3rd Black Belt

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    Hello Just need some help since this is a new topic to me. I don't have any credit card machines currently and seen some [FONT=Helvetica, Arial, sans-serif]Wireless Credit Card Machine that are free if you use the company. But are there any companies out there who don't take a huge % of the sales?

    Also what companies do you guys use.

    thanks
    adam
    [/FONT]
     
  2. Bob Hubbard

    Bob Hubbard Retired

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    When I had one, it was a couple hundred bucks for the machine, $10/month statement fee, plus processing. Processing ran 2.5-4% depending on card type, and if it was swiped vs keyed (keyed costs you more), plus 25c per transaction. Shop around as terms and rates vary. Also, before going with a particular vendor, check their rep.

    Also, you may want to consider an all electronic solution, where all you have is software on a pc, and internet connection and a little swipe bar. Those can be cheaper as the readers are inexpensive compared to full blown terminals.

    If you are using Quickbooks or any school management software, check and see what they offer as well.
     
  3. MBuzzy

    MBuzzy Grandmaster

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    Have you considered offering PayPal as an option? Just have a computer terminal available at your Dojang and allow people to access PayPal. Their rates arent' bad and they allow people to use credit or bank accounts....
     
  4. d1jinx

    d1jinx Master Black Belt

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    one thing to be VERY weary of...
    My Family ownes a restaurant back home. She decided to go with a Credit Card vendor who offered a lower rate than her current vendor. After about 2 months, she began bouncing checks. The company was charging a lower interest rate, but wasn't depositing the money right away into her account. They were holding it for a week or 2 and collecting interest on the balance. It really screwed her up. When you are tracking sales and deposits into your account and the people aren't releasing the funds it can be disasterous.
    Sure a martial arts school isnt a restaurant and money might not be needed daily like that, but dont be fooled. they are earning money off your money one way or another.
    If you are going to get a machine the average rate is 3% of the sale. That sucks but thats the average. If you can avoid getting one, I would. But if you need to, the cheaper one isn't always the best one.
     
  5. Balrog

    Balrog Master of Arts

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    Whatever you do, do NOT get a machine leased from Northern Leasing Systems. Ever.
     
  6. Dirty Dog

    Dirty Dog MT Senior Moderator Staff Member

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    Given that the question was asked 5 years ago, I suspect it's already been resolved...
    :zombie:
     
  7. crushing

    crushing Grandmaster

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    The question is from around the time Square Inc. was just getting started. https://squareup.com/ I have seen this at small businesses like coffee shops. I wonder what Adam ended up getting, if anything.
     
  8. Bob Hubbard

    Bob Hubbard Retired

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    I use Square with my photography business. We haven't had any problems with them.
     

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