patooyee said:
I didn't really know that to be honest. Almost a decade ago when we opened our first store our corporation didn't even have debit as an option, so when we signed up with First Data we just went with the corp. plan and have stayed with it ever since. But probably 70% of our business is plastic and a good % of those transactions are under $35 ea. so if what is said above is true it makes sense why we wouldn't want debit. Most fast food and fast casual restaurants like ours only do credit so I guess its no secret. And like I said earlier, every year or two we shop around, let First Data know that we are, and they always sweeten the deal for us better than anyone we shopped did so there was never a reason to leave. It is a very confusing game though and there is lots of fine print. You almost have to be a lawyer to understand it all.
The problem with a restaurant is having to use a pin pad.....unless it is fast food of course
But, even if you have a 1% rate, for every $10 it costs you $0.10. On a pin debit, at $0.08, you would be saving 2 cents. At our current rate, which is just under 2% it almost never pays for me to use credit. I think it has to get down to a 4 dollar transaction, in which we deny the sale/give the add a quarter option. This is why I asked. I have read and reread all of the forms, fine print and I am at the point where I halfway understand it. The problem I am having Is finding the good rates and staying out of long term contracts.
I may have pissed off the person at first data when I went through my list of transactions I was interested in. They said I thought I knew more than I did and just to send over my statements so they could offer me a deal. I did and their rates were good, but for me personally, I need to hit $0.07 on pin debit and I think they are $0.09. That is a great deal for most, but would cost me between $3900 and $4100 for the year. Argh! TransFirst is my last option for today. The lady quoted me $0.07 a transaction on pin debit, but the credit rate for them was a little higher. Doing the math, it seems like the best deal to date, but I really would like a half a point off to make me quit looking.
On a side note, if anyone doesn't mind, post up or PM me your rate. I may be crazy on how hard I am pushing these companies, but it is my money and I spent the time to read up on all of this junk, the least they can do is work with me to get my business.
