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Credit card machines and merchant account

  • 02-05-2011 12:14pm
    #1
    MyPerfectCousin
    Registered Users, Registered Users 2 Posts: 741 ✭✭✭


    Setting up a shop for the first time. I've searched the forum and found related threads, but I'm still unclear on something.

    Can I supply my own credit card machine (buy one second hand), and therefore avoid the monthly rental fees the banks charge? Will they deal with a merchant customer this way?

    If so, will I then only be subject to the transaction fees?

    Thanks for any advice on this subject you might have.


Comments

  • #2
    corkonion
    Registered Users, Registered Users 2 Posts: 526 ✭✭✭corkonion


    Sadly no.... you still have to pay software fees, hosting fees, transaction fees and merchant fees. its a rip off . even after you buy the machine its still going to cost you somewhere between €25 and €40 per month in fees


  • #3
    nolo_
    Registered Users, Registered Users 2 Posts: 15 ✭nolo_


    MyPerfectCousin wrote: »
    Setting up a shop for the first time. I've searched the forum and found related threads, but I'm still unclear on something.

    Can I supply my own credit card machine (buy one second hand), and therefore avoid the monthly rental fees the banks charge? Will they deal with a merchant customer this way?

    If so, will I then only be subject to the transaction fees?

    Thanks for any advice on this subject you might have.

    Did you have any joy on this front? I'm looking to do the same. Thanks


  • #4
    corkonion
    Registered Users, Registered Users 2 Posts: 526 ✭✭✭corkonion


    nolo_ wrote: »
    MyPerfectCousin wrote: »
    Setting up a shop for the first time. I've searched the forum and found related threads, but I'm still unclear on something.

    Can I supply my own credit card machine (buy one second hand), and therefore avoid the monthly rental fees the banks charge? Will they deal with a merchant customer this way?

    If so, will I then only be subject to the transaction fees?

    Thanks for any advice on this subject you might have.

    Did you have any joy on this front? I'm looking to do the same. Thanks
    Elevon (merchant bank) now do a chip and pin unit for €12 per month and low transaction fees. That won't be beaten.


  • #5
    MyPerfectCousin
    Registered Users, Registered Users 2 Posts: 741 ✭✭✭MyPerfectCousin


    nolo_ wrote: »
    Did you have any joy on this front? I'm looking to do the same. Thanks

    Nope. I ended up signing up with Elavon, which is pretty expensive for a small business.

    There is another thread here about Sumup, a new alternative card reader based on smartphones. I don't think it will suit me because we have several staff and I don't want buy a dedicated smartphone or tablet.


  • #6
    MyPerfectCousin
    Registered Users, Registered Users 2 Posts: 741 ✭✭✭MyPerfectCousin


    corkonion wrote: »
    Elevon (merchant bank) now do a chip and pin unit for €12 per month and low transaction fees. That won't be beaten.

    Do you have a link to more info? I couldn't see anything on their site about this.


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  • #7
    HellFireClub
    Closed Accounts Posts: 3,912 ✭✭✭HellFireClub


    I'm with AIB, 40 quid a month merchant charge, Realex charge 30 a month I think, it does what it says on the tin. No complaints about Realex, AIB, no complaints either for the merchant services...


  • #8
    sandin
    Closed Accounts Posts: 1,594 ✭✭✭sandin


    corkonion wrote: »
    Sadly no.... you still have to pay software fees, hosting fees, transaction fees and merchant fees. its a rip off . even after you buy the machine its still going to cost you somewhere between €25 and €40 per month in fees

    You need to change your provider.

    Machines will cost from €15 - €30 a month depending on the machine and how long you are tieing in for. This fee covers rental of the machine + software + back up support + new machine if that breaks down + replacement of parts that get used.

    Then you have transaction fees. Approx 1.5% for credit cards, 15-20c for laser & 23-30c for visa debit. Some card are more expensive, but it only accounts for a tiny number of tranactions.

    If the monthly fee does not reach €30, an additional charge per transaction is applied.

    Other fees such as realex is for online merchants, but it seems the OP is a normal store.


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