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Accept credit cards
A topic that often comes up is accepting credit cards and the set up and on-going costs etc.
Well if you have (or sign up for) a merchant account with paypal, they are launching their own virtual terminal to allow you to receive credit card payments via email, fax or telephone as well as via paypal in the usual way.
NO setup costs and £20 per month standing fee. The % is variable as to your takings.
Hope this is of use to someone.
Lee
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18 Replies
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I’ve heard some horror stories about PayPal.
I don’t think I would want to have very much money in an account with them.
I don’t know our monthly charge from Streamline, I can check in the morning, but I bet it’s not far from £20.00.
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Paypal are a NIGHTMARE! Log on to http://www.paypalsucks.com and you can see for yourself!!!!!!!
I would avoid them big time.A credit card terminal from your bank is charged out at around £25 per quarter plus a rental fee. And also 4% of the payments you put through reducing as your credit card turnover decreases. IMHO a safer bet than paypal and gives your company a legitimacy.
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quote Marcella:Paypal are a NIGHTMARE! Log on to http://www.paypalsucks.com and you can see for yourself!!!!!!!
I would avoid them big time.A credit card terminal from your bank is charged out at around £25 per quarter plus a rental fee. And also 4% of the payments you put through reducing as your credit card turnover decreases. IMHO a safer bet than paypal and gives your company a legitimacy.
didnt realise is was so low a charge…..got my wee wheelies goin now 😀
(and wow marcella cant believe you typed all that out so perfect on 4 brandys……hope ur not another googly paster) 😉 😉
nik
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3 brandies …….. not 4! 😀
no cut and paste ………….. just asked John what he pays for his credit card terminal ………… I’ve not got one!!!!!!!!! :lol1: -
We have a "streamline" credit card machine which is probably one of my better decisions. If you’re a member of the FSB you will get a preferential rate with Streamline. I Can’t really comment on Paypall as I have no experience of it
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We’re the same as Phil, and have Streamline through the FSB. The deal at the time was no administration fee (normally £150) 3 months free rental (around £17.50 per month I think) and a reduced percentage charge.
The savings we made on Streamline alone paid for over 2 years of my FSB subscription, and a better deal than out Bank (Natwest) who own Streamline could offer!
Our terminal gets used 2/3 times a day on average, couldn’t be without it now.
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i use streamline for UKSB, never have any bother… the % per transaction varies depending on card and location. i.e country.
because it is dealing with online sales the percentage taken is also higher.i took on the machine about 4 years ago, i was told back then that if sales are taken via the net you will pay higher percentage due to online fruad, they recon that 8% will become the "starting rate" for online businesses. 😕
i think i had to pay a one of payment of about £360 for the machine, no monthly rental and whatever for the transactions. i say whatever as i dont know, it varies so often due to location i have forgot. highest i think i have seen it was 4% for a membership taken from some island in timbucktwo :lol1:
remember my figures etc above is for an online business not general sign sales over the counter. 😀
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we are with Barclaycard merchant services, i think its a monthly fee like £20-30 and then a few percent on the transaction, not totally sure but hassle free… however we seem to be on the 3rd machine this last financial year, they keep changing something.
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I’ve used Paypal on various occasions – usually when dealing with things like on-line car clubs – it’s easier for them to transfer funds.
Their commission rate is 3.5% – I always get the client to add that to their bill, and nobody has objected yet as they understand it’s helping them and I’m not profiting from the transfer. The funds can then get transferred to a bank account – but it takes 5-7 days (free if over £50. Otherwise £0.50) – or sit there until needed. It’s legal to request the ‘fee’ to be added although some people think it would jeapardise the sale / hack off customers.
The beauty of Paypal is you can have multiple pay-in email addresses that feed a central account – all tagged with where they’ve come from.
There is of course alternatives like ‘nochex’.
The majority of stuff goes through the ‘streamline’ machine if ‘credit cards’, but paypal is good if you don’t have secure online ordering.
A note worthy of MUCH mention is to transfer the funds out as soon as posssible if you have ANY doubts as an unscrupulous person can dispute the payment FAR easier than with a cheque or card and freeze their amount in your account until resolved…the downside of Paypal.
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Personally we have never had any problems with paypal (transactions numbering well over 1000 by now) but don’t get asked if we accept cards via phone/in person very often(cheques still seem very popular :D) so not really looked into it too far. The paypal fee also includes a few other bits, probably useful if you have a online shop more than ahything.
If we end up doing loads of phone transactions then I’d look towards streamline etc but for now I’d consider paypal.
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We have a streamline terminal in place as we do a lot of work for companies that have purchasing cards.
Recently had an enquiry for 1000 sheets of engravers brass over the net and they said they would pay by credit card if the price was ok.
Quoted and got the job then was supplied by the customer, two credit card numbers to split the cost over the two. Both were in the same name so we keyed them in with the card numbers, security codes off the rear + the numbers in the postcode of the delivery address (Peckham in London).Payment with authorisation went through so we sent the goods.
1 month later, gets a letter off Streamline saying customer has not authorised these payments so they are taking them back out of our account. £3500 👿
Streamline say we take our own risk taking credit card payments over the telephone/net. What’s the point of bl00dy authorisation codes.
PS Now in the hands of the fraud squad.
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Hi,
Seeing as NoChex has been mentioned,I have seen this and wonder if anyone has any further opinion’s on it please? Marcella has managed to scare the living daylights out of me. 😮 -
Marella has that effect on people :lol1: :lol1: :lol1:
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quote Andrew Bennett:Hi,
Seeing as NoChex has been mentioned,I have seen this and wonder if anyone has any further opinion’s on it please? Marcella has managed to scare the living daylights out of me. 😮:lol1: :lol1: :lol1: yip ………. I scare people! 😉
Nochex – better than Paypal! I’ve used both. Nochex take a smaller commission than Paypal too.
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well i did receive money on nochex before, actually something didn’t go to plan so i wouldn’t use them again… paypal however do steal a percentage of it but never had any issues with my paypal account appart from when trying to get the money into my bacnk account which was a personal account and not a business account, i had to change paypal style of accounts.
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Hi Dave & Rob
Just out of curiosity what was the company that did that to you as we are based in Peckham South London
Cheers
Alex
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Didn’t have a company name, just an individual and as far as I know, it was a cloned card 🙁
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Didn’t have a company name, just an individual and as far as I know, it was a cloned card 🙁
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