Entrepreneurship & Small Business

What is the best way to accept credit card from clients?

  • Last Updated:
  • Nov 15th, 2018 6:04 pm
[OP]
Newbie
Dec 14, 2011
4 posts
39 upvotes
Mississauga

What is the best way to accept credit card from clients?

I'm trying to accept credit card payments from clients and I am using PayPal right now but there is a 2.9% fee. Any other options? Please let me know, thanks!
16 replies
Newbie
Jun 25, 2016
53 posts
29 upvotes
Square is 2.65% and takes debit contactless as well. Just no chip and pin which is preventing us from using them.
Jr. Member
Feb 18, 2014
196 posts
30 upvotes
Are your clients physically giving you a card, or are you doing it virtually? As well, how much volume are you processing?
[OP]
Newbie
Dec 14, 2011
4 posts
39 upvotes
Mississauga
gamechanger wrote:
Nov 8th, 2018 8:45 pm
Are your clients physically giving you a card, or are you doing it virtually? As well, how much volume are you processing?
No physical card, it would either be over the phone or the client can pay on their own through a link. Not too much volume (5 to 10 transactions per month). Thanks!
Member
Dec 25, 2017
463 posts
397 upvotes
nickhc wrote:
Nov 8th, 2018 9:06 pm
No physical card, it would either be over the phone or the client can pay on their own through a link. Not too much volume (5 to 10 transactions per month). Thanks!
Well aside from everyone's go to (PayPal... well at least the consumer), I heard Stripe is a good option to consider. I think the 2.9% + 0.30 cents is basically standard, if you have a large processing volume, you might be able to negotiate rates but otherwise that's probably the lowest you can find for "card not present" transactions.
Deal Addict
Jul 3, 2017
3023 posts
2052 upvotes
We use Stripe. They're much easier to deal with than Paypal, and they just deposit the money directly to our bank account, but you won't save any money.

Stripe recently added the ability to create customer accounts and generate invoices with a payment link directly from their Dashboard interface if you don't want to go to the trouble of setting up your own web site with SSL.
[OP]
Newbie
Dec 14, 2011
4 posts
39 upvotes
Mississauga
Thanks everyone! This is very helpful. I'm going to check out square and stripe.
Jr. Member
Feb 18, 2014
196 posts
30 upvotes
nickhc wrote:
Nov 8th, 2018 9:06 pm
No physical card, it would either be over the phone or the client can pay on their own through a link. Not too much volume (5 to 10 transactions per month). Thanks!
How much would those 5-10 totals amount to in terms of volume?
Deal Addict
Aug 12, 2004
3964 posts
1248 upvotes
Calgary
I've been using Wave. I send an invoice to a client, and they can pay by debit and credit, fee is similar to the ones posted.
Newbie
Oct 31, 2018
21 posts
8 upvotes
MTL
Firebot wrote:
Nov 9th, 2018 1:08 pm
I've been using Wave. I send an invoice to a client, and they can pay by debit and credit, fee is similar to the ones posted.
+1 for Wave.

Also, I've never used it, but if you're a Costco member Elavon offers payment processing, so you can maybe check that out: https://www.costcopaymentprocessing.ca/index.html
First child expected 20/11/2018, so I'm always on the lookout for good baby deals. Or good deals on booze, that helps too...
Member
Apr 13, 2005
367 posts
176 upvotes
Firebot wrote:
Nov 9th, 2018 1:08 pm
I've been using Wave. I send an invoice to a client, and they can pay by debit and credit, fee is similar to the ones posted.
How do they pay by debit?
I see that there's a $10/monthly fee and 2.07%.
Is there a per transaction fee for credit card?
What's the per transaction fee for debit?
Sr. Member
User avatar
Dec 23, 2006
942 posts
111 upvotes
Oshawa
Anyone that uses Stripe happen to know if they will only deal with CAD? I'm dealing with USD so I'd prefer to keep the funds in that currency if possible. I know they can process foreign cards, but I'm just not sure if a client is able to use USD over CAD for depositing purposes.

I do plan to reach out to them, but figured if anyone knew here that'd be good to know.
Newbie
Feb 7, 2018
22 posts
3 upvotes
I use Square because their fees are slightly cheaper than all the rest (that I've seen). Anytime you are entering a CC directly and not through the terminal (ie. punching the numbers in rather than swiping), most places charge you additional fees because there is a higher risk of fraud associated with that. It would be quite easy to create a simple online form where the customer can go to and pay by cc that way; eliminating extra fees on your end.

Square is 2.8% if you do under $250,000/year or 2.65% if you do over $250,000/year. They also charge $0.30 / transaction. For debit, they charge a flat rate (I forget off the top of my head what it is, but it's under $0.30 - or used to be).

I work for a company that uses Stripe and they have been dodgy with reports and inconsistent on depositing funds into the account. We run on average $600/day through stripe through this company.

Justyn
Deal Addict
Jul 3, 2017
3023 posts
2052 upvotes
venividivici wrote:
Nov 13th, 2018 1:21 am
Anyone that uses Stripe happen to know if they will only deal with CAD? I'm dealing with USD so I'd prefer to keep the funds in that currency if possible. I know they can process foreign cards, but I'm just not sure if a client is able to use USD over CAD for depositing purposes.

I do plan to reach out to them, but figured if anyone knew here that'd be good to know.
We deal with Stripe in both CAD and USD. We designate 2 different bank accounts to receive the money in the 2 currencies, and we make sure that the payment link is generated for the correct currency.

There are a few issues to be aware of with Stripe:

1. Their recently-added capability to create a customer list and generate invoices is still a bit rudimentary, and they forgot to include the ability to specify the customer's default currency. You have to use a workaround to do this.

2. They are a bit lax about specifying the currency throughout their user interface. If it doesn't say, it's usually USD.

3. While they say that they support other currencies (like Euro), what they actually mean is that the payment amount in the original currency will be converted to equivalent USD, so there will be a currency conversion fee, and the customer will likely pay a foreign-currency transaction fee on their end from their credit card company.
Deal Addict
User avatar
Jun 24, 2015
1680 posts
262 upvotes
Woodbridge, ON
just get that device which plugs into the headphone jack of your iphone and you can swipe cards and accept payment, my friend has one at his shop
Hi

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