Entrepreneurship & Small Business

Best way to accept payment via credit card/bank account

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  • May 21st, 2020 12:44 pm
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May 8th, 2020 2:28 am
AntKim [OP]
Newbie
Aug 6, 2016
12 posts

May 8th, 2020 2:28 am

Best way to accept payment via credit card/bank account

Hi fellow RFD:

Thanks for all the great info. I just wanted to inquire about best/cost-effective method of accepting payments via credit card.

I’m trying to run a small professional service and want to accept payment via auto monthly charges/withdrawal from credit cards. Would anyone recommend any good service provider for this? Many thanks and best!
9 replies
May 10th, 2020 3:02 pm
starburstnow
Newbie
User avatar
Mar 1, 2020
31 posts
3 upvotes

May 10th, 2020 3:02 pm

AntKim wrote: ↑ Hi fellow RFD:

Thanks for all the great info. I just wanted to inquire about best/cost-effective method of accepting payments via credit card.

I’m trying to run a small professional service and want to accept payment via auto monthly charges/withdrawal from credit cards. Would anyone recommend any good service provider for this? Many thanks and best!
Do you need the system or software to do billing too our not?

Waveapp is good and free and you do not have to use the creditcard bank option if it is too expensive in % fees. I have used moneris in the past and used their recurring payment system doing 1000+ customers but I use another system to do billing. Most merchant systems or banks allow you to do batch which is a big spreadsheet if your customers info and run it on monthly basis.
"Employee by Day, Entrepreneur by Night"
May 11th, 2020 10:32 am
Scote64
Deal Fanatic
Jan 21, 2018
9227 posts
10389 upvotes
Vancouver

May 11th, 2020 10:32 am

slotsdisco wrote: ↑ Need Canada or global? Recommend Stripe.
But be aware that Stripe recently increased their fee for Canadian companies accepting U.S. credit card payments to 3.5%, up from 2.9%. Doesn't matter that it's a U.S. customer paying in U.S. dollars and going to your U.S. bank account - you get a 0.6% penalty for being a Canadian company. Apparently this comes from Visa and Mastercard, and Stripe is just flowing it through.
May 11th, 2020 10:34 am
Scote64
Deal Fanatic
Jan 21, 2018
9227 posts
10389 upvotes
Vancouver

May 11th, 2020 10:34 am

ohnabatko wrote: ↑ Wave and Paypal.
You might want to read some reviews from people using Paypal to receive business credit card payments. They have a reputation for being extremely difficult to deal with.
May 17th, 2020 12:31 am
AntKim [OP]
Newbie
Aug 6, 2016
12 posts

May 17th, 2020 12:31 am

Just Canada and no need for billing - just accepting credit card from clients. Mostly reoccurring clients. Total volume is about $2,500/month with about 5 reoccurring clients. Thank you so much everyone! Really appreciate it
Last edited by AntKim on May 20th, 2020 1:34 am, edited 1 time in total.
May 17th, 2020 10:54 am
gamechanger
Member
Feb 18, 2014
320 posts
81 upvotes

May 17th, 2020 10:54 am

Are they repeat clients, or mostly one-offs? Also, what is your monthly credit card volume?
May 21st, 2020 12:44 pm
WebDesignerGirl
Jr. Member
User avatar
Apr 21, 2016
118 posts
107 upvotes

May 21st, 2020 12:44 pm

I'd highly suggest not to deal with Paypal due to their monopoly in the game and they are not a real bank so they don't have to follow banking regulations.
Just an average netizen here because of the quarantine. :razz:
Web Developer for 5+ years. 😎

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