Retail Payment Processing

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MarkDR

Member
Feb 18, 2016
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This question goes out to all members who have a retail outlet and use
retail payment processing for credit cards/debit cards etc.

What company do you use and are you happy with it?
What rates do they charge for processing credit cards, debit cards?

We will be needing a company in the next month or so.

Is it possible to get close to 3% in DR for credit cards?

TIA!
 
M

MarkDR

Member
Feb 18, 2016
264
9
18
No one is willing to say how much they pay for their retail payment processing? :)
3%, 3.5%, 4%, 4.5%, 5%?

How long does it take to get set up from start to finish?
First contact, to machine at business?

TIA
 
M

MarkDR

Member
Feb 18, 2016
264
9
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Alright then, let me broaden my question to include business owners and general public who may have friends or family that have a business in the DR. What kind of credit card rates are most common here for retailers? I am familiar with those in Canada. It seems they are a little higher here?

This thread has more than 750 views, so it seems more than a few people have an interest in this. :)
 
M

MarkDR

Member
Feb 18, 2016
264
9
18
A while ago I learned that customers prefer to pay with credit cards over cash in the DR. Does anyone know what are the preferred credit cards in the DR in their order of preference?
I just learned that Visanet does not support Mastercard.

On a side note, does anyone know why my Enter key won't give me a new paragraph when creating a message on this site? I see it has created a paragraph in the preview, but as I type my message it doesn't show.
 
R

rubio_higuey

Gold
Feb 7, 2007
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Standard charge by Cardnet is 5% for VI/MC and Visanet's charge is slightly lower but as you said they only support Visa. I have no info about Azul.
 
cobraboy

cobraboy

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Jul 24, 2004
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rubio_higuey said:
Standard charge by Cardnet is 5% for VI/MC and Visanet's charge is slightly lower but as you said they only support Visa. I have no info about Azul.
Click to expand...
It also depends on the business and can come with a "hold back."
 
AlterEgo

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,151
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South Coast
cobraboy said:
It also depends on the business and can come with a "hold back."
Click to expand...



When we had a wholesale business, we were given low rates because our sales were large, no $25/$50 sales. *Is it the same in DR, that a large hotel (for example) would pay a lesser rate than a mall store or gas station?
 
cobraboy

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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AlterEgo said:
When we had a wholesale business, we were given low rates because our sales were large, no $25/$50 sales. *Is it the same in DR, that a large hotel (for example) would pay a lesser rate than a mall store or gas station?
Click to expand...
There are several variables, average ticket size is one of them, larger tickets mean less processing and often lower rates.

Often a processor does a "holdback" when the chargeback history isn't known.

The industry is also considered, as some are riskier than others. For instance, when shopping for a processor for MotoCaribe in 2009---considered "tourism not as a hotel or resort"---the effective rate offered was 12% with a one month holdback. Of course that was very early in our business with one year history and I opted to not take it, no way with those terms. PayPal has been a very, very good solution for our needs.
 
M

MarkDR

Member
Feb 18, 2016
264
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Once again to all business owners here...
How long does it usually take for credit card transactions (credit) to appear in your business bank account? TIA
 
M

MarkDR

Member
Feb 18, 2016
264
9
18
"Retentions / ITBIS" is an amount that is deducted from a Credit card sale.
It is 2%.
Is this standard and how does this relate to the 18% ITBIS that is charged for the sale?
TIA
 
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