Ingrid Posted August 30, 2006 Share Posted August 30, 2006 I am in the midst of investigating being able to accept credit cards for our candle business. We do not have a website yet but we do go to craft fairs and am starting to get some wholesale accounts. I would just like some input from anyone as to this credit card processing company. CitadelEFT associated with Bank of America. Rep told me that there is no contract, no extra fees other than $5.00 per month statement fee. No minimum per month and that we could go month to month with them. Visa and Mastercard - 2.03% +22cents transaction fee. If we wanted to add Amex 3.5% +22, and Discover 2.2% plus 22. It almost sounds too good to be true and I am a bit skeptical. Has anybody an opinion.??? Quote Link to comment Share on other sites More sharing options...
Candybee Posted August 30, 2006 Share Posted August 30, 2006 The percentage rate and transaction fee sounds about average. The $5 a month is pretty low. If thats all you found a pretty good deal. Don't know about Citadel cause I never banked with them before.The best thing to do is shop around to see what other banks offer. I always check with a minimum of at least three. That's just to get an average. I also want to know what its like to do business with a bank cause you will have to deal with them. If they are difficult to reach or not responsive to your inquiries, etc. I would drop em fast. Quote Link to comment Share on other sites More sharing options...
KristinesShower Posted August 31, 2006 Share Posted August 31, 2006 I can't say this enough - go local & never look back.I have used a couple companies in my 4 years and I can't say enough good things about my bank that I use. It is right down the street, my money is in my account the next day, my % rate is amazing & gets better as I make more and my fees are very low.Local banks also appreciate your business more and tend to "talk" about you more as a business - nudge, nudge ...if you know what I mean. We took on over 100 corporate gifts last year (not bad either, $50 a pop) from that bank & I think it was no coincidence that we use them either.Go local when you can - everyone appreciates it in the end!! Quote Link to comment Share on other sites More sharing options...
sockmonkey Posted August 31, 2006 Share Posted August 31, 2006 What are you doing for your machine? Are they making you buy the machine from them? In a lot of cases, that's where they make huge amounts of money. I was very stupid when I opened my store. I was anxious to be open, and rushed right into a contract with the first company who could get me hooked up as quickly as I wanted. I checked out a few banks, visited one of them, and the man who was giving me the info was filling in for someone on vacation and totally didn't know anything about credit card processing--neither did I; but I was impatient, and it is costing me dearly!I was a sucker and signed a 4-year deal. Dumb. Dumb. Dumb. I'm almost out of it now, but it was a lesson learned the hard way.Take your time, look at plenty of options. If someone is selling you a machine, check out what they're going for on the internet and ebay. Ask your rep about purchasing a machine from someone else and see what kind of deal they give you. Quote Link to comment Share on other sites More sharing options...
Ingrid Posted September 2, 2006 Author Share Posted September 2, 2006 The rep told me that I can be month to month and the terminal is 10.00 ( a knucklebuster) and $10.00 for an electronic one. I also aked him about canceling my account and he told me they needed a 30 day notice and the return of the terminals. Quote Link to comment Share on other sites More sharing options...
Candybee Posted September 2, 2006 Share Posted September 2, 2006 I agree with Kristine about checking out local. I ended up using the bank I already have my business account with so I can just go down the street to do my banking. I got lower fees and lower percentage rate plus I don't pay an extra monthly fee on top of that! I shopped around and found my own bank had the best deal. Quote Link to comment Share on other sites More sharing options...
dcroome2005 Posted September 3, 2006 Share Posted September 3, 2006 I think I am going to go local as well. I just wonder if they are going to pull credit because if so, I am screwed. LOL Ex hubby killed my credit.Christina Quote Link to comment Share on other sites More sharing options...
Ingrid Posted September 3, 2006 Author Share Posted September 3, 2006 The bank is Bank of America. Large well known bank. I haven't been able to find many that won't require a minimum monthly and extra fees. If anyone has a better alternative please let me know. I don't have any problems with credit personally. Quote Link to comment Share on other sites More sharing options...
Candybee Posted September 3, 2006 Share Posted September 3, 2006 I think I am going to go local as well. I just wonder if they are going to pull credit because if so, I am screwed. LOL Ex hubby killed my credit.ChristinaYeah. Mine pulled a report. Have you pulled a credit report lately Chistina? It may be better than you think. Quote Link to comment Share on other sites More sharing options...
dcroome2005 Posted September 3, 2006 Share Posted September 3, 2006 hehehe. .Yeah, I just pulled one last night. Lets just say it's BAD! The bankruptcy and foreclosure is on it and that has killed it. It's only been 4 years since I did that so I still have a few years before it gets off.Christina Quote Link to comment Share on other sites More sharing options...
Candybee Posted September 3, 2006 Share Posted September 3, 2006 Dang! You seem so calm! My problem was I came from a family that didn't believe in credit so it took me a while to figure out how to get it. Of cours now its easier to get it-- and easier to overspend! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.