Credit Card Payment

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Forums › Finance and wealth management › Credit Card Payment

Jatin

2 posts

Wannabe Geek

#140676 17-Feb-2014 13:06

Hi All,

I have started Small Business and If some customer gives me his credit card details How can I get paid from that details.

Thanks.

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#988851 17-Feb-2014 13:10

Hhhmmm...

I think you should have look into this before starting the business????

johnr

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#988852 17-Feb-2014 13:12

Did you not look into this before starting the business?

drajk

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#988856 17-Feb-2014 13:15

There are lots of options.

You could talk to your bank about a merchant facility or alternatively you could talk to one of the online payment acceptors.

There are often a number of fees associated with this and if you are only receiving occasional credit card transactions you may even be better offering paypal as payment option.

You should also be aware of what happens in the situation when a payment is reversed because the customer has requested this via their Issuer.

It might be worth you visiting a bank and discussing with them and at least you will have their fees/charges/processes to compare with other alternatives.

afe66

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#988857 17-Feb-2014 13:15

Ask the bank which you have got your small buisiness account with Im sure they can help you...

A.

(suspicious about such a question for your first ever post)

Jatin

2 posts

Wannabe Geek

#988862 17-Feb-2014 13:24

First was not decided to accept credit card but now we are accepting it.

Any options Now????

timmmay

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#988885 17-Feb-2014 14:03

Paypal, paymate, or your bank. If you need a terminal then you need a provider.

Coil

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#988910 17-Feb-2014 14:17

There is a NZ based credit card checkout.
DPS, Like paypal. Probably got huge transfer fees like them..

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AidanS

458 posts

Ultimate Geek

#988914 17-Feb-2014 14:30

OP,

If you want ease of use, and don't mind the transaction fees, PayPal would probably be your best option, depending on your transaction values.

-A.

nate

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#988921 17-Feb-2014 14:43

I use SwipeHQ for taking online payments, and used this for the Geekzone IRL evenings we had last year.

Another good option is KiwiPay. Both companies have quite stringent sign up processes, so expect to fill in a lot of paperwork, and provide multiple copies of your different IDs.

I would avoid talking to your bank at this stage as you need a reasonable amount of volume before it becomes economical. As other's have mentioned, Paypal is also a good place to start.

freitasm

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#988971 17-Feb-2014 15:33

I am appaled on how rude some people can be sometimes. Removed some completely off topic posts.

mattwnz

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#988974 17-Feb-2014 15:37

Paypal is a good option for small businesses with low turnover and a good place to start. Using a merchant account and a payment provider can be more expensive as there are monthly fees, and large one off setup fees. Paymate are pretty picky on the type of businesses they will take on, so I would stick to paypal. You can upgrade from paypal to a merchant account at a later date as turnover climbs. You maybe able to add on the credit card transaction fees to the cusomter you give them alternative payment options. Many companies do add on credit card fees if you chose to pay by that method, in. I was in a Wellington Computer store in the Weekend and they charged an extra percentage if I wanted to use my credit card, but eftpos was free.

Just a note, that if you do decide to use a third party payment processing company rather than a merchant account, make sure they store your money in a trust account. I got stung once when the company I used went under several year ago, and I lost the money I had deposited with them. Luckily wasn't that much.

Satch

1985 posts

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#989581 18-Feb-2014 12:33

freitasm: I am appaled on how rude some people can be sometimes. Removed some completely off topic posts.

I am equally appalled at how rude some of the regulars on here can be sometimes and get away with it.

Apologies but your (totally justifiable) post stoked my internal fire on this subject!

Inphinity

2780 posts

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#989595 18-Feb-2014 13:30

How are the card details provided to you - is it a card-present transaction, or do you have an online store etc? As above, there are lots of options, but what is best depends on what sort of business it is (physical store, mobile store, online, mixture of etc), how payments are handled etc.

Kyanar

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#989785 18-Feb-2014 16:53

nate: I use SwipeHQ for taking online payments, and used this for the Geekzone IRL evenings we had last year.

Another good option is KiwiPay. Both companies have quite stringent sign up processes, so expect to fill in a lot of paperwork, and provide multiple copies of your different IDs.

I would avoid talking to your bank at this stage as you need a reasonable amount of volume before it becomes economical. As other's have mentioned, Paypal is also a good place to start.

In principle I'd sort of agree with this.

BUT it would be helpful to know what your average sale would be - at minimum 2.9% commission with a $39 base fee per month, Kiwipay is more expensive than a conventional merchant account, and at 2.75% commission Swipe is still more expensive than a conventional merchant account except for low volumes.

If you're even pulling 10 $100 transactions per month, you'd be paying $68 with KiwiPay, $27.50 with Swipe, or ~$45 with a merchant account (based on 2.2% commission rate, ~$25 gateway fee, and ~$20 minimum commission). Increase those volumes, and a conventional merchant account becomes more economical very fast (plus, merchant account is 1 day holdover, not 3 like Swipe or KiwiPay).

Basically, more info please. We don't really have enough to go on.

Aredwood

3885 posts

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#989910 18-Feb-2014 19:24

Really interested to see this myself. Since I might be starting my own company as well.

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