Home based business questions - Visa/MC

[QC]

Hey all, not selling anything here but I need some info . . . I have been looking for a business that I can run remotely and have my wife and her friend do some of the running around while I am traveling etc. One that has my interest is selling leases to Visa/MC/AMEX transaction machines that supposedly come with a significantly lower transaction rate than most banks charge. There are some other cool features, and it seems like this one could be a winner. My question is: What are typical retail transaction fee percentages for different sized businesses? Anybody know some decent (and current) rules of thumb? They are saying the typical bank rates range from 3% - 7% which seemed waaaay high to me. This is what I am trying to confirm. Also typical lease rates for the machinery too, if anybody knows that. Thanks.

 

[Bob_VT]

Re: Home based business questions - Visa/MC

The machine that was at the Toyota Dealership where I had worked had a 3.75% "fee" which was the reason we did not accept cards for more than $1500...... on a rare occasion we would go $2000.

I have seen people that had the cash but wanted the "miles" or "points" and ask if they could put 10-15K on the card. We would agree if they agreed to the fee's too.

 

[QC]

Re: Home based business questions - Visa/MC

Well that helps me believe their numbers . . . Maaaaan, I am one naive SOB. I though that they were still charging 2% and that everybody was PO'd at AMEX because it was 3 . . . Doh!! How old's that story? 10 years?

I am intrigued by this one as the girls know every flippin' retail joint in the entire Universe and they could easily get some good contacts. The only "Job" is supplying leads, and then you get a percentage of the take plus $500 bucks for any that pan out. Sounds like an Insurance Agent type annuity deal to me . . .

 

[tashasdaddy]

Re: Home based business questions - Visa/MC

i know someone who was doing it. i mostly was a scam. the leads were not good.

 

[wildmaninal]

Re: Home based business questions - Visa/MC

QC there are legitimate online businesses out there. My cousin sells Amsoil marine and motor oils. Just like other online businesses it depends on how much you want to put into it to make a good side income.

I've just recently talked with 2 of my cousins (the one I mentioned included), one sells bimini tops and all sorts of boating and hunting supplies, and he is also an Amsoil dealer. A paint improvement/restorer product called Dakota Shine was looking for distriburtors at one point but I personally haven't heard back from them. Some companies may require you to have a business with a sales floor to advertise the product and some may not require it. I was doing online surveys at one point, I actually was getting paid but just once in a blue moon so I stopped doing that. My brother has also worked for an online business at one point but he got to busy to be a part of it after a while.

Been thinking of getting into something like the above mentioned myself along with selling on Ebay (which I just started doing).

 

[mscher]

Re: Home based business questions - Visa/MC

Hey all, not selling anything here but I need some info . . . I have been looking for a business that I can run remotely and have my wife and her friend do some of the running around while I am traveling etc. One that has my interest is selling leases to Visa/MC/AMEX transaction machines that supposedly come with a significantly lower transaction rate than most banks charge. There are some other cool features, and it seems like this one could be a winner. My question is: What are typical retail transaction fee percentages for different sized businesses? Anybody know some decent (and current) rules of thumb? They are saying the typical bank rates range from 3% - 7% which seemed waaaay high to me. This is what I am trying to confirm. Also typical lease rates for the machinery too, if anybody knows that. Thanks.

Do your Google search.

Some outfits offer processing rates as low as 1.29% and offer free card readers.

How much money does this company you are considering, want up front?

 

[bjcsc]

Re: Home based business questions - Visa/MC

I'm paying 2 3/4 for Visa,MC and Amex with no other fees. Most of the low rates you see are low because they have a per transaction fee that smacks you in your earhole. I kept turning Amex away until they lowered their rate for me...

 

[eaglejim]

Re: Home based business questions - Visa/MC

QC, I have a visa machine for my business these rates were quoted in 2005 if I could scan the card 1.70% if have card but won't scan 2.39% over the phone 2.89% back then I considered my rep a new version of a used car salesman and I have not changed my mine,and I think the Fleece is at 35.00 a monthI can't wait until the contract is up,and I found out the hard way if those cards have skymiles or anything attached to them the merchant pays for that too,so needless to say we do not advertice we even take any cards only if the customer asks. good luck Jim

 

[wildmaninal]

Re: Home based business questions - Visa/MC

I was a little off track when I posted earlier, sorry QC don't know what I was thinking.

Couldn't you set up a pay pal account or something similar.

 

[Limited-Time]

Re: Home based business questions - Visa/MC

Seems to me waterinthefuel toyed/tried this a while back. If memory serves it did not turn out well. But I think it was primary gig.

 

[QC]

Re: Home based business questions - Visa/MC

I am typically sceptical and I did find one dissatisfied "rep" online . . . That's why I am asking.

I do sell on eBay some and I do have PayPal account. Made some money this last week, but I am still keeping eyes open for something a little less cumbersome i.e. searching Craig's list or local adds for a bargain and then selling on eBay. The girls could help me with that as well, but they can't really inspect a prop or a boat etc. They could get leads from local businesses though and get them to call in. This credit card thing does smell a little though . . .

 

[Scaaty]

Re: Home based business questions - Visa/MC

Go to the owner/manerger of any gas station..ask what the CC take is....take it from there..(be prepared for a jaw drop..)

 

[SgtMaj]

Re: Home based business questions - Visa/MC

3% is pretty standard for a small business, but I've seen lower.

In my opinion though, if you're only supplying the leads, it's probably a scam... if you were actually making the sales, then I would think it more legit.

 

[dave11]

Re: Home based business questions - Visa/MC

I was paying 2.1% on charges. They also provided me with a mobile trrminal for "Free". Total monthly cost just to be able to provide the service was $71.85. That included Visa, MC, Discover, and AMEX.

 

[QC]

Re: Home based business questions - Visa/MC

So Dave what were your average monthly sales on CCs? This would get us to an effective rate right? 2.1% plus whatever percent of sales $71.85 is . . .

FWIW I would much rather sell stuff. Engines have been my entire career, so maybe parts and used engines are kinda my thing. I have really been thinking more of buying marine parts in the winter and buying skiing and snow stuff (my other passsion) in the summer. Selling both in their respective hot season.

 

[QC]

Re: Home based business questions - Visa/MC

How much money does this company you are considering, want up front?

$295 . . .

 

[tashasdaddy]

Re: Home based business questions - Visa/MC

my belief, any one wanting money up front. run like the wind. if it is legit, they will provide your supplies.

 

[Dunaruna]

Re: Home based business questions - Visa/MC

FWIW I would much rather sell stuff. Engines have been my entire career, so maybe parts and used engines are kinda my thing. I have really been thinking more of buying marine parts in the winter and buying skiing and snow stuff (my other passsion) in the summer. Selling both in their respective hot season.

Did someone say HOT SEASON and MARINE?

 

[Vlad D Impeller]

Re: Home based business questions - Visa/MC

The only one who makes any significant amount of money in such an endeavour will be the actual processor of the transactions.
Thats a less bang for your buck deal.

 

[dave11]

Re: Home based business questions - Visa/MC

It cost me nothing to get started. I wound up doing commercial work or subcontracting, and being able to take credit cards didn't matter. That is why I quit taking the cards. Check to make sure there is no termination penalty - there shouldn't be.