[TheForge] credit card accounts

[Larry W Housner]

At 04:18 PM 1/13/2003 -0800, you wrote:
<SNIP>

>I've been thinking of asking people for an identification of some sort
>to at least see that the credit card has their name on it.  At a
>typical conference I'd say sales are about 80% credit card and
>20% cash.
>
>I'd have to check but I think I pay a flat fee of about 2.6% of the
>charges submitted.  For sure the more dollar volume one does, the
>lower the fee.  The dollar average per charge also figures into the
>percentage fee.

<SNIP>

You may be able to get this lowered depending on the card types you 
accept.  Visa/Master card charge similar rates for transaction 
processing.  Amex and to a lesser extent Novus/Discover charge a higher per 
transaction rate (up to 6% iirc).  As well as the difference for swipe 
versus card not present transactions.  These are just some options to 
pursue with your processing center.  Having worked on the race tracks and 
having the stewards to rely upon for bad debt collection, I would prefer to 
have a card present transaction solution.  I will admit to always keeping a 
laptop and printer in the truck for invoicing (learned this doing 
consulting work, but possibly relevant here). This does present a high up 
front cost which can be amortized/ written off on your taxes.


>The dollar costs of taking credit cards is surely something should
>be held to an absolute minimum--just like any other expense.  I'm
>open to any suggestions that anyone may have.
>
>Norm Larson



Just my $0.02

Larry W