Accept credit card payments

showmanshowman subscriber Posts: 1
Some of our major customers have requested we start accepting invoice payments for our services via electronic payments through American Express.  In researching this method of payment I understand there can be a number of pitfalls and hidden costs to be aware of.  We are currently considering using American Express for the software, etc. needed to do this mostly due to their reputation, safety, etc.  If anyone can provide some insight into the pros and cons of getting set up to do this type of payment, we would be very grateful.
Many thanks to all in advance.
Showman

Comments

  • bertbert subscriber Posts: 12
    Why not just have them electronically transfer payments directly to your own business checking account?  We have a number of our customers do this all the time and we have had no problems.  In fact, the big companies we deal with prefer it.  The bank can set this up so the deposits are one way, so you do not need to worry about them doing any more than just depositing the funds.  This also cuts out the middle man, decreases your costs and gets your funds faster.
  • MerchantServicesMerchantServices subscriber Posts: 4
    Hello Showman and congratulations on your business,
    My company can set up your merchant services account. We can also set up your ACH account (electronic debits and/or deposits).
    Banks usually outsource their merchant services to companies like mine. In many cases the banks are the middle men. Some banks do offer merchant services in house but they have higher rates and fees. Banks also offer very limited payment solutions and have minimum requirements.
    We do the processing and we service the account. Our sponsoring bank is HSBC who is the third largest bank in the world.
    AMEX is a big brand name but we still have better pricing, customer service and more payment solutions than they do.
    Call me at 817.307.8291 if, you would like to learn more.
  • AccentVAAccentVA subscriber Posts: 0
    I may be kinda late here, but I second that paypal account!
    Just my two cents!
  • showmanshowman subscriber Posts: 1
    I take it PayPal is for smaller companies and amounts.  Our invoices are typically in the $2,000+ range.  The companies we work with are usually national/international corporations.  We, of course, bend over backwards to work within their system and make it as easy as possible for them to do business with us.  They requested the AmEx.  Is there any appreciable difference between accepting Visa/MC/Discover vs. AmEx other than their 2.95% charge?
  • showmanshowman subscriber Posts: 1
    Thanks to all for your time, insight and recommendations.  Should anyone need inside advice on their trade show participation as an exhibitor, please contact me.  Thanks again!
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