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10/07/2008

Visa introduced the Fixed Acquirer Network Fee (FANF) in April 2012. The FANF is a monthly fee that is assessed on a merchant taxpayer basis and includes all merchant accounts owned by a business for credit card transaction processing. 

 

I saw this $5.00 FANF Card NOT present fee on my merchant statement, and then $2.00 FANF card present fee.

  1. Cross the border fee
  2. network access fee
  3. pci dss certi pgrm fee
  4. card brand pass-thru fee
  5. amex auth fee
  6. vs non-qualified interchange fee
  7.  ....and of course the processing percentage itself to charge the card.

http://www.clearent.com/visafanf/

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10/07/2008

 Another benefit of Square being mobile,so if you did attend a trade show or conference and had something to sell you could swipe the payments right there. This means you can run more than one at a time, if there were two of you working two diff devices would work.  

Also for example I will be out of town and taking the iPad with me, so DH can use his Android phone or iPod touch to process payments. It doesn't require Apple only products. We just looked into this.

gillumhouse's picture
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Joined:
05/22/2008

Last month almost ALL (BLESS THEM!!!) my guests paid by check or that lovely green cash! I had just 2transactions both were VS ( 143.10 and 104.94 = 248.04) all swiped, no manual entry.

Type      Description

IC      Visa access fee    (2 @ .026900)                                                     - 0.05

SC    VISales Debit Trans Fee  (1 transaction @ .250000)                      - 0.25

FEE Visa Network Fee CP 1A-01                                                                -2.90

SC    Visa Mid-Qual Sales Transction Fee (1 transaction@ .250000)     - 0.25

FEE  Monthly Service Charge (this is for the printed statement)               -5.00

SC Visa Mid-Qual Sales Disc .029600 disc rate x 143.10                         -4.24

this next one is the one that has MY shorts in a knot!!

FEE  Account Miniumum Fee  15.00 minimumlevel less 7.22                    -7.78

 

Grand Total deducted from my paltry 248.04 is                                 22.90

 

Efited to add: Thanks JB for making me actually LOOK. I had not noticed that minimum crap before.

Generic's picture
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02/24/2011

So essentially, they are passing on more of the risk associated with Card-Not-Present, which is where most of the theft occurs. If most of your transactions are card-present, then the rate is quite low. Looking at the card not present rate, it can be quite a fee if you have low volume. 

Still don't understand why you pay a cross-border fee, though. We don't. 

 

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Madeleine's picture
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09/29/2011

It's not every international card that gets hit with the 'international' or 'cross border' fee. But, it's 3% on top of the regular rate when it happens. Must be the kind of card they are using. Supposedly, it is the fee to convert the currency back and forth. I had it on my cc when I bought something in Canada.

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Generic's picture
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02/24/2011

We charge in local currency and are paid in local currency and we have no International fee. The cardholder is charged based on the exchange rate plus 3%. None of my business at all. We don't pay anything to the CC because it's an international card. Heck, 90% of my transactions are international.

Madeleine's picture
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09/29/2011

We've offered Canadians the option of paying in Canadian or US dollars to avoid the fees, but no one has taken us up on it so maybe it's not happening any longer.

Generic's picture
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02/24/2011

Depends on the credit card. I used to have a card that was in US funds and I used it when I was in the US. Since I have US funds in my bank account I paid from that and avoid all the conversion fees. See www.bmo.com/home/personal/banking/credit-cards/us-dollar-mastercard for an example.

But if I use my CAD card in the US, the bank adds 3% above the exchange rate. For me it's just the cost of business (especially since they don't offer the USD card for business at my bank. And my other bank wants $25 a year for it and I'm loathe to pay them anymore in bank fees.)

But as a merchant, I have NEVER paid an international fee. It's not a disclosed fee from Elavon. (Which I got through Costco) and to be honest, I've been very happy with them. When other companies call I honestly tell them what I pay and they say goodbye.

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06/24/2008

Madeleine wrote:

It's not every international card that gets hit with the 'international' or 'cross border' fee. But, it's 3% on top of the regular rate when it happens. Must be the kind of card they are using. Supposedly, it is the fee to convert the currency back and forth. I had it on my cc when I bought something in Canada.

So they are hitting both card holder AND merchant?  Just double checked and my merchant fee for international was 1%. 

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06/24/2008

I just saw that on mine for the first time, but I am not a line item checker each and every month. 

Mine was $2.90 for this and last months and I know I have done both key & swipe. 

These are also the 2 months I ran a comparison with Square (based on all swipe).  One was within $2-3 of the each other, the other Square would have been quite a bit more.  BUT I do plan to keep comparing.  I am also tired of getting hit with more and more fees.

As mentioned, the merchants are the ones eating the cost of using CC's but it is being passed on to consumers when prices are increased...  It is a revolving cycle, and a price to do business. 

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Joined:
10/07/2008

 There are some testimonials and videos on twitter I just saw when I followed them (they have support on twitter to) you just ask the question and they are there.

 

Like this:

Square simplifies the way Gretchen, owner of Rover Done Over, accepts payments for her mobile pet grooming business:

https://twitter.com/Square/

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08/04/2008

I've been poking around on their website for a little bit now- I can't find out how to contact them! Anywhere.

 

Ice
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02/22/2010

I like Innpayment.  Only had them.  Just used my computer.

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Madeleine's picture
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09/29/2011

$7.90 last month for the FANF.

OK, did a comparison of what it would have cost me to run the cards on the Square vs my processor and even with all the extra fees the processor tacks on, it was still less to use the processor than Square.

If Square charges extra for key entered then the difference would be even bigger.

seashanty's picture
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06/02/2008

jb, we are looking into using square at the church where i work.  they are using it at the farmer's market and i said ... this is too good.  i think i remember having a lot more fees and percentages with the 'regular' merchant accounts! 

square just 2.75%

or maybe gopayment with intuit (quickbooks)

how to say this?  this feels like when the shift started for me for phone service and i went to a magic jack that piggy backs on any internet with no phone bill all across the country.  and a pre-paid cell phone ... to keep my costs down.  none of my adult children have traditional phone service.  they have cell phones. and one has a magic jack for his business. 

how can the banks and traditional merchant accounts charge so much and hassle you so much when you can go as a little vendor at a farmer's market and accept cc payments?  i will have to do the math to see how it all adds up but it feels like the traditional business accounts are getting slammed. 

 

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10/07/2008

SS being the faithful customer has only gotten us the shaft with the traditional cc merchant account, so I am on this, I have signed up and will get the free reader and app within 7 days. You know technology has changed SO MUCH it was inevitable that this would change too. I remember having to have the second phone line, the wireless model of the cc machine to use it out in the gift shop (which is now a guest room).

I mean come on, everything is so much easier, and cheaper, this s/b too! So I am excited, I am soooo done with these super high fees.

I cringe every time someone gives me an overseas cc.

Thanks to everyone here for their feedback and info. I just mentioned to an innmate that we get a dozen calls per year promising lower fees, etc but like in EVERY SINGLE THING WE HAVE DONE IN THIS BUSINESS, my professional association of innmates HERE have brought about changes. No one who calls and tells me I know nothing, and they can make it all work for us. NONE. YOU ALL have made the difference!

So I thank you!

 

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Joined:
05/30/2008

Have a friend with a different kind of small business and she loves using Square.  The best thing is that it is mobile...you can run cards right in the presence of your guests, which many people appreciate.

Let us know how you like it, JB!

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Madeleine's picture
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09/29/2011

seashanty wrote:

  i will have to do the math to see how it all adds up but it feels like the traditional business accounts are getting slammed. 

 

Because of the regs on the other side- the consumer side- the cc companies are going to make up that money. They know the merchants aren't going to stop processing cc's so they're adding the fees onto our side.

I have to go look at my statement again to see what new fees are on there.

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Joined:
10/07/2008

I am looking into SQUARE. Right now. I am fed up! 

https://squareup.com/?gclid=CLXQh5etlLECFbRa7Aodugcyig

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