That’s fine, and you can certainly keep it. But that doesn’t do anything to reduce the amount of cash you have to manage. It also costs your customer $3-$5 to use, disrupts the transaction, and limits the amount of cash they can get later in the day if they need it. If they use our program it costs them little to nothing, doesn’t go against their daily cash withdrawal limit, and electronically transfers the money to your bank account without you having to worry about it being stolen, lost, burned, etc.
Actually you’ll make more money by taking debit cards, because your average sale amount will typically increase by 20-40%.
No. Both our bank and processor know exactly what business you’re in, have weighed the risks and compliance requirements, and have made the decision to serve this industry. In addition, because both bank and processor are involved in underwriting our merchants, you can be sure that you will not be shut down because of what you sell. Our processor is the largest in the world and would not support illegal activities.
When you factor in the benefits of taking cards – higher transaction amounts, giving your customers another way to pay, reducing cash management costs, etc., it’s actually costing you money NOT to have our service. The fees are incidental.
No worries, we can deposit into business or personal accounts. Given the benefits to your business, it really makes sense to get an account. Most of our customers have management companies that they have created for banking purposes.
U.S. banks aren’t supporting traditional credit card processing because of the risks involved and the federal illegality of the business. If someone promises you traditional processing, they are most likely either masking who you are to their bank and processor, or using a foreign bank which typically have very high fees, reserves, etc. PIN transactions are not only much more secure, but they encompass about 80% of all card transactions in your demographic. Statistics indicate that consumers prefer paying with their debit card for small purchases, so you really aren’t losing any business by only taking PIN transactions.
Feel free to reach out and speak with one of our account executives. We are more than happy to answer any questions or concerns you might have.