Processing Fees

[Lynnville]

Most of us started with BluePay then transitioned to TSYS who was then bought out by Vantiv but kept the TSTYS name and later transitioned to WorldPay. I don't recall all of the reasons for the changes or how we got here but it sure is a huge improvement over dialup!

I wish i could get every financial institution I speak with to stop trying to sell me credit card processing. "who do you us for your credit card processing? I'm sure we can beat their rate!"

Vantiv is my processor

 

[RRamos15]

Monex charges interchange + 2% + 10c transation fee

 

[RRamos15]

I take the total fees and total sales. I canceled all my Tsys accounts in September. They asked that I keep the bank account open for 6 months for charge backs. In November they hit me with over $1000 in fees for the 2 locations I canceled. They said it was because they charge fees 1 month in arrears. I call BS. Put a stop payment on all future Tsys charges. I stopped using TSYS in August and waited one month to cancel them just to be sure everything was covered.

why did you cancel them?

 

[RRamos15]

IF NAYAX IS A FLAT 2.5% + .10$ THAT MEANS I PERSONALLY AM OVERPAYING BY $325-375 A MONTH! HOLY MOLY!

 

[OurTown]

IF NAYAX IS A FLAT 2.5% + .10$ THAT MEANS I PERSONALLY AM OVERPAYING BY $325-375 A MONTH! HOLY MOLY!

We do not have Nayax, but I thought I read they also had a monthly fee for each device.

 

[cantbreak80]

We do not have Nayax, but I thought I read they also had a monthly fee for each device.

Correct!
Nayax Monthly per device fee = $7.95 for cellular data, Nayax Core on-line Management and Nayax MOMA app.

Transaction fees:
5.95% IF Minimum Charge is less than $5.00
2.5% + $0.10 (~3.51%) per transaction IF Minimum Charge is $5.00 or greater

So, with $5.00 minimum charge…Monthly fees would be ~3.51% of credit card transactions, PLUS
3-bay = $23.85
4-bay = $31.80
5-bay = $39.75
6-bay = $47.70
7-bay = $55.75
8-bay = $63.60

Optional Cash reporting and Pre-Paid/Gift/Attendant/Test card transactions are provided free of charge.

 

[RRamos15]

Correct!
Nayax Monthly per device fee = $7.95 for cellular data, Nayax Core on-line Management and Nayax MOMA app.

Transaction fees:
5.95% IF Minimum Charge is less than $5.00
2.5% + $0.10 (~3.51%) per transaction IF Minimum Charge is $5.00 or greater

So, with $5.00 minimum charge…Monthly fees would be ~3.51% of credit card transactions, PLUS
3-bay = $23.85
4-bay = $31.80
5-bay = $39.75
6-bay = $47.70
7-bay = $55.75
8-bay = $63.60

Optional Cash reporting and Pre-Paid/Gift/Attendant/Test card transactions are provided free of charge.

It is very tempting to swap over. I just hope the devices are as nice and long lasting as the monex devices. The monex devices do have a larger screen and a higher waterproof rating. They just are super expensive for the upfront cost of thedevice and the monthly fees. Also they have nothing setup for loyalty or prepaid cards.