Merchant Fees

[Legosa]

Would like to hear what small business out there are paying for merchant transaction fees. Need to decide who to go with and this is what the centres are telling. Your "real life" fees would be appreciate, in terms of turnover/transactions per month. Also, what portion of your transactions are credit and debit (give or take).

Stdbank
R0 to R100k = 3% for credit card, 2.75% for debit
R100k to R500k = 2.9% for credit, 2.5% for debit
R500k upwards = 2.75% for credit, 2.25% for debit

Capitec
Still waiting for a call but heard 3.25% for credit, 1.75% for debit, low turnover

FNB
3.25% for credit, 1.75% for debit, don't want to tell me about a tiered structure. They tell me open your account, then me can negotiate :-(

Was thinking of linking to Mygate for the online portion.

 

[blue-eye-boy]

Hi there, you can also contact Sureswipe. We're with them, with no real issues. 2 years ago they gave us the best rates. It depends on the kind of business you will be using it, because for us it is better to have 2 providers on board, just in case the one goes offline, then we can still use the other.

Things you must query about when choosing a provider, is if the machines will be insured by them, or must you put it on your insurance. What happens when somethings goes wrong with the machines, or settings, what is their turn-around time for sending a technician to fix it for you. Then if the machine will be standing at a till point, the wired option is better and faster, otherwise get a wireless one, like the patrol stations have. Here's our rates, we get good rates, because we have a very hig turnover on the machines.

Credit cards 1.8 %
Debit cards 1.4 %

I'm not sure the exact amount we swipe in a months, but it is close to R 1 mil, and R1.5 mil during high season.

Hope this helps.