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Post by dukeofuke on Jan 23, 2014 15:36:21 GMT
Hi there,
Can anyone recommend the cheapest card processing company out there?
Could it be an idea for the EETG to club together to get a super cheap rate with an up and coming card processing company?
Any thoughts anyone??
Matthew from the Duke of Uke
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Post by dukeofuke on Jan 23, 2014 16:28:51 GMT
So I've just contacted my current provider Streamline to ask if they could do any better than they're already offering me. The first thing they asked was whether I was a member of any trade organisations. I told them about the guild.
Here's what they offered me (offer expires tomorrow close of play):
Debit Cards:
Visa Debit: Currently 23p Offer 11p
Master debit: Currently22p Offer 14p
Visa Solo Debit: Currently 21p Offer 10p
Credit Cards:
Mastercard Personal: Currently 1.545% Offer 1.1%
Mastercard Insignia: Currently 2.145% Offer 1.65%
Mastercard World: Currently 2.145% Offer 1.5%
Visa: Currently 1.442 Offer 1.1%
Mastercard Business: Currently 2.445% Offer 1.7%
Visa Business: Currently 2.342% Offer 1.9%
JCB/Diner's Club: Currently 2.1% Offer 1.9%
They also offered to reduce the current transaction authorisation fee from 3.85 pence per transaction to zero.
If anyone has any thoughts about clubbing together for better rates or if you can recommend any better rates elsewhere please post here...
Cheers,
Matthew
Duke of Uke
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Post by @InShoreditch on Feb 13, 2014 0:18:22 GMT
Last year we played the different companies off each other to see how low we could get it. Its possible to achieve lower figures than those you've been offered. The trouble we found was that everyone locally (28 local small business shared their current costs with us) was in different contract lengths and therefore would require a staggered transition in terms of 'bulk buy', by which point some other company would have undercut the market.
Ultimately streamline is also part of RBS... there are a few local tech companies that are trying to 'disrupt' the credit card transaction market and therefore I think we should try and possibly support them, as long term that provides the best opportunity to achieve cost savings and support other small businesses.
Given the number of bitcoins owned by local techy folk, if we really wanted to try something then a locally pushed bitcoin economy would be another good way. Obviously there are risks involved... but as with all businesses individuals need to assess risk and make up their own minds.
Best wishes
Benjamin
@inshoreditch
@eastldntweets
@startupministry
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