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Just saw that Square charges 2.6% + 10 cents per tap and realized something
I was looking at my merchant statement last night and added up all the swipe fees for the month. Came to $347 on about $12k in sales. That's nearly 3% gone just for taking cards. Found a breakdown on some payments blog that said interchange fees are actually higher for small shops like mine because we don't qualify for the lower rates. Has anyone here negotiated better rates with their processor or is that just for big volume places?
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terryf621d ago
You said "$347 on about $12k" and MAN that hits home. I counted $412 on $14,500 last month and almost fell out of my chair. The interchange fees thing is real too - I called my processor and they flat out told me my small monthly volume keeps me in the "standard" tier and there's no negotiating. What gets me is how the percentage adds up way more than the flat fee per swipe.
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kevin_dixon1d ago
Laughing so I don't cry over here because I spent $389 on $11,800 last month and I about choked on my coffee. The percentage part is what kills me too. I looked at my statement and saw that the flat per swipe fee was like $30 total, but the percentage part took the rest. I called my processor too and got the same "we don't negotiate with small fish" line. I swear the only thing that adds up faster than my fees is my mortgage payment. At this point I'm thinking about just asking customers to pay in cash and giving them a 3% discount just to avoid the whole mess.
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