Entrepreneurship & Small Business

Costco/Elavon or Helcim Opinions/Feedback

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  • Sep 8th, 2017 11:24 pm
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[OP]
Sr. Member
User avatar
Jul 12, 2005
688 posts
30 upvotes
Kelowna

Costco/Elavon or Helcim Opinions/Feedback

Hi everyone,

I'm looking into this for a friend who is a therapist/counsellor. Her avg transaction would be around $100 and she'd typically run about 3 transactions/day on plastic, the rest is cheque or cash.

I've narrowed it down to these 2. I know that Helcim resells Elavon, but, I'm not pleased that Costco won't waive the $149 setup fee. So, it appears it comes down to the overall costs per transaction. Would appreciate some feedback and/or opinions. Here is their pricing:

Elavon/Costco
Terminals

Virtual Merchant (mobile)–Credit cards only, no debit-
( https://www.myvirtualmerchant.com/VirtualMerchant/)

One time set up 149.00
Monthly service : $8.00/month
Optional Card Swiper for mobile option – $19.00

ICT 250- countertop machine-

Purchase - $626.00 plus tax
Rental -$19/mth


Below is the our e-commece pricing and a list of recommended shopping cart providers. We are plug and play for most websites.

E-commerce

One time set up 149.00
Monthly service : $8.00/month

https://www.myvirtualmerchant.com/Virtu ... blecart.do


Fee Schedule


Please find the competitive rates that have been reduced by Costco for their members:

· Debit: $0.06
· Retail Visa & Master Card Qualified *1.56%
· Rewards/ Commercial cards *1.99%
Manual Key Entry card not present + e-commerce *2.07%

Monthly Minimum: $10.00

*(Assessment fees are passed through at cost at approximately 0.09%)

A SMALL TOKEN OF OUR APPRECIATION FOR BEING A COSTCO EXECUTIVE MEMBER:

Contract may be canceled with No Penalty at any Time!
No: Cancelation fees
No: Interchange Differential fees
No: Annual Fee
No: Batch Fee
No: Application fee
No: Monthly statement Fee
No: PCI Fees
No: Other Hidden JUNK Fees

Helcim

Card Type Popularity Interchange Rate Card-Brand Fee Helcim Cost+ True Rate
Visa Swipe-Chip Consumer 38 % 1.420 % 0.0904 % 0.180 % = 1.690 %
Visa Swipe-Chip Infinite 20 % 1.610 % 0.0904 % 0.180 % = 1.880 %
Visa Swipe-Chip Corporate 5 % 1.900 % 0.0904 % 0.180 % = 2.170 %
Visa Swipe-Chip Privilege 1 % 2.080 % 0.0904 % 0.180 % = 2.350 %
MasterCard Swipe-Chip Consumer 18 % 1.440 % 0.1072 % 0.180 % = 1.727 %
MasterCard Swipe-Chip High-Spend 14 % 1.770 % 0.1072 % 0.180 % = 2.057 %
MasterCard Swipe-Chip Corporate 3 % 2.000 % 0.1072 % 0.180 % = 2.287 %
MasterCard Swipe-Chip Premium 1 % 2.060 % 0.1072 % 0.180 % = 2.347 %
Average Transaction Rate 1.84% + 8¢
The table above spreads your transactions between popular Visa and MasterCard credit card types to calculate an estimated discount rate. This rate includes the interchange, card-brand fees and our cost+ margin. Unlike most providers, there are no additional "qualified", "non-qualified" or "differential" fees.
Learn More About Cost+ Pricing
About Interchange+
View Keyed Rates
The orange portion is the true cost set by Visa and MasterCard.
The blue portion is our margin.
The green portion is your true rate for that particular transaction.
Card-Readers
Helcim Mobile Card-Reader Purchase
$ 30 per unit
Features Included
Certified Merchant Account

PCI Compliance Program

FREE Daily Bank Deposits

Mobile App for iPhone & Android

Web-Based Virtual Terminal

Multi-User & Multi-Device Support

Automatic Email Receipts

No Hidden Fees
Visa, MasterCard & Discover Card-Brand Fees
Included in Pricing
International Cross-Border Fees
Pass-Through
American Express Acceptance
Optional
Monthly Minimums
$ 0.00
Statement Fees
$ 0.00
Setup / Application Fees
$ 0.00
Quarterly / PCI Fees
$ 0.00
Early Termination Fees / Contract Cancelation Fees
$ 0.00
Per Occurence
Bank Account Change / Business Name Change / NSF Fee
$ 25
PCI Non-Compliance Fee (90-Day Grace Period)
$ 20
Chargeback Fee
$ 15
4 replies
Jr. Member
Feb 18, 2014
151 posts
25 upvotes
KingCreole wrote:
Sep 7th, 2017 1:31 pm
Hi everyone,

I'm looking into this for a friend who is a therapist/counsellor. Her avg transaction would be around $100 and she'd typically run about 3 transactions/day on plastic, the rest is cheque or cash.

I've narrowed it down to these 2. I know that Helcim resells Elavon, but, I'm not pleased that Costco won't waive the $149 setup fee. So, it appears it comes down to the overall costs per transaction. Would appreciate some feedback and/or opinions. Here is their pricing:

Elavon/Costco
Terminals

Virtual Merchant (mobile)–Credit cards only, no debit-
( https://www.myvirtualmerchant.com/VirtualMerchant/)

One time set up 149.00
Monthly service : $8.00/month
Optional Card Swiper for mobile option – $19.00

ICT 250- countertop machine-

Purchase - $626.00 plus tax
Rental -$19/mth


Below is the our e-commece pricing and a list of recommended shopping cart providers. We are plug and play for most websites.

E-commerce

One time set up 149.00
Monthly service : $8.00/month

https://www.myvirtualmerchant.com/Virtu ... blecart.do


Fee Schedule


Please find the competitive rates that have been reduced by Costco for their members:

· Debit: $0.06
· Retail Visa & Master Card Qualified *1.56%
· Rewards/ Commercial cards *1.99%
Manual Key Entry card not present + e-commerce *2.07%

Monthly Minimum: $10.00

*(Assessment fees are passed through at cost at approximately 0.09%)

A SMALL TOKEN OF OUR APPRECIATION FOR BEING A COSTCO EXECUTIVE MEMBER:

Contract may be canceled with No Penalty at any Time!
No: Cancelation fees
No: Interchange Differential fees
No: Annual Fee
No: Batch Fee
No: Application fee
No: Monthly statement Fee
No: PCI Fees
No: Other Hidden JUNK Fees

Helcim

Card Type Popularity Interchange Rate Card-Brand Fee Helcim Cost+ True Rate
Visa Swipe-Chip Consumer 38 % 1.420 % 0.0904 % 0.180 % = 1.690 %
Visa Swipe-Chip Infinite 20 % 1.610 % 0.0904 % 0.180 % = 1.880 %
Visa Swipe-Chip Corporate 5 % 1.900 % 0.0904 % 0.180 % = 2.170 %
Visa Swipe-Chip Privilege 1 % 2.080 % 0.0904 % 0.180 % = 2.350 %
MasterCard Swipe-Chip Consumer 18 % 1.440 % 0.1072 % 0.180 % = 1.727 %
MasterCard Swipe-Chip High-Spend 14 % 1.770 % 0.1072 % 0.180 % = 2.057 %
MasterCard Swipe-Chip Corporate 3 % 2.000 % 0.1072 % 0.180 % = 2.287 %
MasterCard Swipe-Chip Premium 1 % 2.060 % 0.1072 % 0.180 % = 2.347 %
Average Transaction Rate 1.84% + 8¢
The table above spreads your transactions between popular Visa and MasterCard credit card types to calculate an estimated discount rate. This rate includes the interchange, card-brand fees and our cost+ margin. Unlike most providers, there are no additional "qualified", "non-qualified" or "differential" fees.
Learn More About Cost+ Pricing
About Interchange+
View Keyed Rates
The orange portion is the true cost set by Visa and MasterCard.
The blue portion is our margin.
The green portion is your true rate for that particular transaction.
Card-Readers
Helcim Mobile Card-Reader Purchase
$ 30 per unit
Features Included
Certified Merchant Account

PCI Compliance Program

FREE Daily Bank Deposits

Mobile App for iPhone & Android

Web-Based Virtual Terminal

Multi-User & Multi-Device Support

Automatic Email Receipts

No Hidden Fees
Visa, MasterCard & Discover Card-Brand Fees
Included in Pricing
International Cross-Border Fees
Pass-Through
American Express Acceptance
Optional
Monthly Minimums
$ 0.00
Statement Fees
$ 0.00
Setup / Application Fees
$ 0.00
Quarterly / PCI Fees
$ 0.00
Early Termination Fees / Contract Cancelation Fees
$ 0.00
Per Occurence
Bank Account Change / Business Name Change / NSF Fee
$ 25
PCI Non-Compliance Fee (90-Day Grace Period)
$ 20
Chargeback Fee
$ 15
Are you looking at the virtual terminal, or the physical unit? Helcim's rates are double for VT.
[OP]
Sr. Member
User avatar
Jul 12, 2005
688 posts
30 upvotes
Kelowna
gamechanger wrote:
Sep 7th, 2017 9:20 pm
Are you looking at the virtual terminal, or the physical unit? Helcim's rates are double for VT.
Thanks for the reply. We're looking at the mobile (cell phone) unit that plugs into the cell phone. The unit is going to be phased out in about a month for a bluetooth device. Sad thing is, you pay $30 for the phone plug unit, and then have to buy the new bluetooth one in a month.
Jr. Member
Feb 18, 2014
151 posts
25 upvotes
KingCreole wrote:
Sep 8th, 2017 2:09 am
Thanks for the reply. We're looking at the mobile (cell phone) unit that plugs into the cell phone. The unit is going to be phased out in about a month for a bluetooth device. Sad thing is, you pay $30 for the phone plug unit, and then have to buy the new bluetooth one in a month.
Helcim's charges 0.36% for transactions not performed on physical terminals.

Costco looks like the better option.
[OP]
Sr. Member
User avatar
Jul 12, 2005
688 posts
30 upvotes
Kelowna
gamechanger wrote:
Sep 8th, 2017 2:06 pm
Helcim's charges 0.36% for transactions not performed on physical terminals.

Costco looks like the better option.
Thanks bro. Appreciate your feedback.

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