FYI, B of A charges a $99 set up fee, but no monthly fees. It is 2.3% of transaction + $0.25 per transaction. And as I said, they will no longer charge me the $15/month I pay for having my business accts with them and my checks going forward will be free. There are a few other non-monetary benefits too. So those using Intuit or Paypal may want to call around to their own banks handling their business accts to get a better deal.
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Tracy Albee
tracy@medilegalinc.com
Tracy, CA United States
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Original Message:
Sent: 05-26-2015 20:23
From: Reg Gibbs
Subject: Credit card payments
Besides the actual credit card fees, you also have monthly fees to contend with as well. We pay around $90 per month to our merchant account provider, Intuit, to use Visa, MC, and AmEx.
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Reg Gibbs
Rocky Mountain Rehab, P.C.
rgibbs@rmrehab.com
Billings, MT United States
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Original Message:
Sent: 05-26-2015 20:13
From: Tracy Albee
Subject: Credit card payments
Thank you so much for all of the feedback several of you have shared. I did call Bank of America, where I keep my business accts, and they can do it for 2.3% which is much better than paypal's 3.5%. They will also upgrade my business suite benefits and take away my monthly fees, so in the end; it will cost a little, but also save me a little. The rep at BOA did tell me that I can consider charging the client a "convenience fee" or "processing fee", but to check with the State's Dept of Treasury, as some states do not allow this as a business practice. I will be looking into that; however, as several of you who take credit cards already think that the quick turnaround of getting the payment without a hassle may be well worth the fees. Our office typically has to re-invoice at least once, if not twice, before our money arrives; especially with defense firms. So it could be a time saver which is often more valuable than saving $5.
Still thinking about it...so if anyone has a story to share; feel free.
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Tracy Albee
tracy@medilegalinc.com
Tracy, CA United States
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Original Message:
Sent: 05-26-2015 19:51
From: Amy Johnson
Subject: Credit card payments
All,
I have not been asked to take a credit card, but I think if I was to go that route, I would consider adding a processing fee to cover the fees charged to me. Does anyone see that as an issue?
Amy
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Amy Johnson
RN, CLCP
amy@johnsonclcp.com
Tyler, TX United States
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Original Message:
Sent: 05-26-2015 14:15
From: Tracy Albee
Subject: Credit card payments
Good afternoon. I have a long-standing client who is asking for me to accept credit cards for receipt of consulting services payments. I have been in business for 20 years and never asked this. I am finding the fees to business are high...even Pay Pal is 3.5% of amounts of the payment accepted. Is anyone out there taking credit cards?
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Tracy Albee
tracy@medilegalinc.com
Tracy, CA United States
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