- #Bank of america credit card terminal software#
- #Bank of america credit card terminal plus#
- #Bank of america credit card terminal free#
So, when it comes to software, do you know the pros and cons of both? Help me evaluate the two.
#Bank of america credit card terminal software#
After the long-winded pricing chat, the call fell apart when we brought up the software and how it compared to another system. Even if it’s not openly added to your quote like ours was, we guarantee there will be additional fees tucked into your credit card processing statements.īack to the conversation. Sure enough, when we analyzed the quote, down in the fine print was an interesting find:Īnd there’s the monthly fee we asked about.
Lastly, the whole conversation proved to be inaccurate because the quote we received after the call did not match what we spoke about. Unless your average ticket is greater than $20.75, the breakeven point, Square is going to be cheaper. This is especially concerning given the typical Clover customer runs a small business. As shown, the average transaction size for the customer greatly impacts the effective rate of Bank of America’s processing.
#Bank of america credit card terminal plus#
The graph below presents the effective credit card rates for both Bank of America Merchant Services’ 1.79% plus $0.20 rate and Square’s flat 2.75%. Either way, we know from doing our research - and the math - that her claim is simply wrong. At worst, she was fudging the truth to make the sale. At best, the sales rep we spoke to truly has no idea how credit card processing rates work.
The average customer can’t see through this and has to trust the sales rep that Bank of America is almost one percentage point less than Square. We know there’s a lot of fluff in the costs that people are presented. Let’s start with credit card processing rates. You’re gonna pay a lot more on your transactions.Īgain, the sales rep answered all of our questions - but our knowledge of the industry makes a difference here. Sales Rep: So, they’re at about almost one percent more than us. Us: Another one we’re looking at is Square and they’re at 2.75%. Sales Rep: The rate would be 1.79% and the transaction fee is 20 cents.
#Bank of america credit card terminal free#
If I pay the $1,320, I own everything free and clear? Us: So let’s just say I don’t want any monthly payments. Sales Rep: The software is included in the price of the device. Us: And what about the software itself? Is there a monthly fee for the software? The three installment payments would be $466.66. The total would be $1,320 or we can split that up into three installment payments.
Sales Rep: So as far as the Clover station, let me give you the pricing on that. This conversation may not be unsettling to people who aren’t in the industry, but for us, there were several red flags.Īfter the short-lived introduction, the sales rep dove right into the cost of the system. There are no other options based on a business’ needs, which is why people in the market for a system should consider who they’re purchasing from. But why would there be? Bank of America primarily sells Clover, picking up Talech recently. While our sales rep was friendly, there was zero inquiry about what was important to our business or the features we cared about. What is the name of your business? When is the business scheduled to open? Sales Rep: For your business, I would suggest the Clover station. A high-end craft beer shop, not like a bar. Sales Rep: What kind of business do you have? What kind of products do you sell? She decided to ask several basic questions about our business to get to know us a little better. We got in touch with a sales rep, and the conversation started out pleasantly. We gave Bank of America Merchant Services a call to ask some questions about the highly-advertised Clover POS system. To solve this mystery, our team decided to play the role of a new business owner looking for a point of sale system. It’s not a bad product, but we realized that most people who were unhappy had purchased the system from their bank. We never understood why there was so much dissatisfaction with Clover - in fact, we like the system and actually offer it to our customers as well. Our team gets at least one call per day from customers who want to switch from Clover’s point of sale system. POS Nation resells several restaurant and retail POS softwares and can be reached at 87. This is one of those pieces, especially since it’s in line with our earlier article discussing the difficulties banks and payments companies continue to have with selling POS appropriately. Every now and again we publish good content from others.
0 kommentar(er)
