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I’m looking for a Credit card processor that does not have excessive/ hidden fees. Online processing is what we prefer. Any suggestions are appreciated.

We recently changed to ReliaFund. Their fees were less than our prior processors fees, and website is very easy to use. We have also integrated them with our policy admin system for online payments and all is working well. Check them out at: www.reliafund.com. We have no credit card machines in the office to process payments, everything is done online and haven't had any problems. Great information online when you need it and great company to work with. We've been very happy with them!

Depending on your volume, we went with Square Up, no fees or monthly minimum, they charge .0275% per transaction, if you do not use it during a month there is no charge. It attaches to an I-phone and receipts sent to your computer, no other equipment.

Anyone else? Whats are some possible hidden fees or scams to watch for?

texican wrote:Depending on your volume, we went with Square Up, no fees or monthly minimum, they charge .0275% per transaction, if you do not use it during a month there is no charge. It attaches to an I-phone and receipts sent to your computer, no other equipment.

We've been using Square for 18 months. No problems. We generally don't process credit card through the agency, so we only use it 5-6 times a year. It's great not having contracts or minimums or hidden fees.

2.75% flat fee if you swipe the credit card.
3.5% + 15c if you manually enter the card number (no swipe).

I have been shopping mine around as well. The best rate I have found has been with Trinity Merchant Group. You could contact Matthew Perry at 817.459.0707 or matthewperry@trinitymerchantgroup.com. They are actually going to be able to use my current machine and have ACH, online processing the whole bit.

Hope this helps you.

Try Sams Club, they have a competitive rate and easy to use virtual terminal web based. I am in Austin, TX. and got about three quotes. They had the best deal. I am a small agency so do not have the cash flow of some of the bloggers.

I am also a small agency and do very few credit card transactions. The rate is one piece of the pie but the monthly fee is what can eat you up. With some companies if you don't do over a certain amount the fee can be $20.00 per month. However, if you do a lot of transactions you will get a better rate. Also, you will want to avoid taking American Express, the fees are through the roof and getting payment is very slow.

There are so many credit card processing companies are available for making payment online. I am using merchantinc.com which is one of the best secure and merchant friendly payment gateway offers best rates in the industry for credit card processing. Application and setup fees are included at no cost and the standard rate for web/mail transactions are 1.99%.

molson wrote:There are so many credit card processing companies are available for making payment online. I am using merchantinc.com which is one of the best secure and merchant friendly payment gateway offers best rates in the industry for credit card processing. Application and setup fees are included at no cost and the standard rate for web/mail transactions are 1.99%.

Did you just start working for MerchantInc recently?

I would suggest you do plenty of research and get at least 3 quotes. I have a business and when I began processing
I made sure everything was spelled out and got a second pair of eyes to ensure I had a good deal. I didnt pay for my terminal and have no contract. I would suggest you look at this company http://www.mstms.com

I would second the three quotes and Square. I have some friends that use Reliafund, and they are all wanting to switch, ie they don't like the fees.

We have been using The Square for almost a year. You only get charged a 2.75% IF you use it and you can take an American Express Card at the same rate. I was getting charged $35/month just for the priviledge of being able to take American Express, plus all the other fees. We've been real happy with it.

For payment processing services you should check out http://www.simplyeasierpayments.com/agencyversion.html. This company provides payment processing services for a number of industries including insurance. It can manage payment processing for an insurance agency with no cost to the agency. I know it sounds too good to be true, but check it out for yourself. This might be a great option for you to offer CC payments but not reduce your commission by 18%.

Have you checked out the Policy Spot? There is no cost of collecting or processing the payment for you, but they pass on a 1.99 fee to the clients. And it's all compliant with federal regulations. No fees for your company, the extra money is kinda nice....the website is www.thepolicyspot.com. I've tried simplyeaslierpayments, but, for me, policy spot seemed to offer better services.