This isn't really debt related. We are just getting our business going and figure that we need to be set up to accept credit cards. I'm looking for any input in regards to what to look for in a credit card processing company, what to look out for, etc. I've done a few hours of research and it's very confusing how many different companies there are and all the rates and terms are different between them, so it is very difficult to compare.
I'm in Canada and I've read that processing fees charged to retailers in Canada are some of the highest in the world; I've also read a couple of (legitimate media) horror stories, so I have a lot of fear of getting into a bad contract of some sort.
I asked at our credit union and spoke to the merchant rep. for the company the CU is partnered with. It sounded good, $5/month account fee and $5 "maintenance fee" for the "free" terminal, but he didn't mention the $350 set up fee for the terminal....I've since spoken to a merchant who uses that company and she said she can't recommend them because their fees are very high. They are a well known global company...and I couldn't work out what I would be charged in fees from the info that I received from this company.
In terms of customer perceptions of a business & customer trust, my partner feels that the card readers that plug into an iPhone look "cheap" and that customers will not trust that their data is secure, compared to a traditional counter top terminal. I'm wondering what people think of that idea. From what I have read, the cost to get set up this way is very minimal, and these iPhone readers have a set % fee. My research has come up with an average 4-6% fee for countertop terminals once all the fees are added up, although they advertise around a 1.8% fee.
If anyone can recommend a Canadian company or wants to venture an opion on perceptions of card readers used with an iPhone I'd appreciate any input. Thanks!