Finally a credit card reader that accepts tap and chip cards

[OurTown]

No reason why you should be paying 7%,

What should we expect to pay? Also would like to know all the extra fees including the monthly or yearly.

 

[JohnF21]

Hi there-The terminals retail for $595 ea. as mentioned plus the cost for a modem $300. We have in place an interchange plus system which is simple to understand whereby we add a percentage to the network's public interchange fees. The only other fees are monthly SIM fee (one fee per location), a minor admin fee as well as a PCI (quarterly) and an annual fee. We also have a national installation program at a cost as well if you aren't installing devices yourself.

 

[MEP001]

Why is there a PCI fee? Is the equipment not PCI compliant?

 

[JohnF21]

Yes absolutely PCI compliant. Everyone must pay the PCI, it really depends on how the payment processor wants you to pay it. Some bury it in the other fees, others make it a line item in which case we do ($9.95 per quarter).

 

[Roz]

I'm in the market for a CC system. Can you post some numbers here?

You want to add all the associated numbers to your monthly costs (you need to have a cellular monthly plan for I think $10 or $15 per month). At least it is just one plan per site and not per device like Nayax. Still you need to check your cell bars. When I ran the numbers I think it was about 10% (perhaps slightly more) which is too high. At some point they will get their fees and owner functions to be competitive to CP. too many manufacturers tie our hands to one CC processor (almost all).

 

[MEP001]

Everyone must pay the PCI

Why? PCI compliance is optional. When I worked for a distributor up to 2019, we were suddenly getting dinged for $600 a year for PCI compliance on a dial-up device. It doesn't get more compliant than that. We just refused to pay it, and they took it off the bill.

 

[JohnF21]

The credit card networks require PCI compliance. I cannot comment on the $600, that is very excessive and nowhere near our fees which are under $40 yearly.

 

[Mattwash]

2% fee? I think not. Monex is a great hype company that doesn't pan out once you start digging into the details. Beware of their marketing verses reality. Of the 8 units i bought from them, 5 failed and needed to be replaced within 2 years. It makes me glad i sold the car wash.

I feel your pain. I’m a new car wash owner. Tried Monex and Cryptopay. Went with the Monex terminals and the fees average 8-9%.

 

[Mattwash]

Pay stations are a different animal than a unit with "Count Up" For an exact purchase there is no reason for a hold other than the exact amount of the Purchase. Like a Gasoline Dispenser, Count up requires a hold because until the purchase is completed their is no way of knowing how much it will be. This is in place until the transaction is "Batched out" and processed.

I have Monex programmed with countup timers. Wash Bays: Have them set for a $20 preauth charge. I’ve had a couple of issues and replaced 2 of the 6 readers.

Vacuums: Set for $2 charge, no countup.

Pros: tap to pay works perfectly.
Issues: After a couple of months, two separate readers the chip reader would only read older brass chip cards, not the silver colored chip cards. This is despite cleaning them on a regular basis. Really believe this is from condensation causing corrosion on the chip reader. For chip cards, 50/50 chance it lets you swipe the card. Been almost a month since I’ve had an issue

 

[Roz]

Ouch! Makes me feel better about the 3.5% fees from CryptoPay, which in reality are slightly higher if you add in the green receipts and remote start fees for the year.

 

[Mattwash]

Ouch! Makes me feel better about the 3.5% fees from CryptoPay, which in reality are slightly higher if you add in the green receipts and remote start fees for the year.

Agree! However you do see fee % decrease as sales increase. I purchased an abandoned car wash and recently remodeled it. Only have 3 bays running and CC income has gone from $800 in Feb to $1800 in May. I’m sure if you were processing $5k in cc transactions there would be a drop. Also be mindful I’m including PCI, router fee, monthly fee for Monex, and cc processing fee into my calculation.