Home Forums FineTunedMac Community Lounge Who using for credit card terminal? Help!

For my photo biz, I am with First Data who merged with BA a few years ago. I Just discovered after noticing a large charge, that BA has been raising my rate every 6 months —— it got to 5%. Finally I noticed this and my rep brought it back down to the 2.5% to 3% range.

They send a non confirming letter (they wont do emails) every 6 months which I got or not.....

Who are you guys using and what are you paying? Thanks.

credit card companies pull that crap all the time too. Anytime you get a credit card statement, be sure to read any fine print that's not part of what you normally get. Sometimes it says "Hello loyal customer, we've decided to jack your interest rates for absolutely no good reason, and unless you call us and complain, it'll be effective starting next month. Consider yourself legally notified."

I've been through that particular stunt more than once. It's not unusual, it's just "good business". So get used to it, and stay vigilant.

Yes, it is legalized criminality. And I told that to the rep.

Where are the rate increases originating — the bank or the credit card processor?

It sounds as if it is the Bank, If it is the Bank and unless your account balance runs into 7 digits you are probably better off with regional or local bank or even a credit union. If you are a veteran or a family member of a veteran check into USAA Federal Services Bank they are very highly rated non-profit and very customer oriented.

There are independent credit card processors like Square Register and Square's rates have been relatively stable for a long time.

Thanks Joe, I started accepting credit cards 12 years ago, and went with first data and got their terminal. I still have the terminal which runs through a dedicated phone line.

They were bought/ merged with BA, so it's BA -- though I don't bank with them. I do bank with Citi.

I don't know yet who else can take over this terminal,so Im just reaching out. Don't know Square yet, but I guess it turns your iphone into a terminal. I have the iphone 6.

I could even stay with BA and not have to do anything as he said he brought the rates down to 1.8 to 3.3 depending on the transaction, but I really have to keep an eye out for the bi-yearly letters of rate increases.