FYI - Paypal, Stripe, Shopify and now Square as of this year will not refund processing fees (which is typically a percentage of the sale)?
https://www.youtube.com/watch?v=j40yV7KD62M
https://odysee.com/@rossmanngroup:a/square-merchant-services-screws:3
*Rumor is if you set the transaction to authorize and don't charge until fulfilment you don't pay any fees unless you capture the payment (at least for now, who knows)
Chase supposedly has not implemented this yet?
U.S. Bank will charge you twice for the penalty?
This may cause an uptick in stores adopting restocking fees?
Rumor is that your business bank may have an API key that you can use to build your own website and link your store directly to your bank. There will be a cost to get the site setup to work with it but that should not be all that much to do and is a one time charge. *Ask them if doing this will avoid the cost of refunding processing fees from your customers.
Stax offers a flat subscription fee with no long-term contracts.
https://staxpayments.com/blog/payment-apis-how-they-work/
All traders should specify these charges on receipts. For example: PayPal fee of $25 is 2.5% = $2.50 Non-refundable.
What about offering different payment processors as part of your checkout process? Then clearly marking that "this one charges 30 cents+ 2% of transaction"
This also invents a default "cash discount".
2.3% + $0.10 per trans - https://www.clover.com/pricing/quick-service-restaurant
2.75% - https://cash.app/help/US/EN-US/6521-cash-for-business-fees
2.75% fees for USA, refundable if transaction is reversed. https://www.sumup.com/en-us/credit-card-processing-fees/
2.9% + $0.60 per trans - https://support.waveapps.com/hc/en-us/articles/218323823-Wave-Payments-processing-fees-and-timelines
2.99% + $0.15 per trans - https://www.nerdwallet.com/article/small-business/toast-pos-review
Will Ecommerce brands will become their own processor? Lightning Network is a way to achieve this.
A business can accept crypto, as well as any credit card (Visa, Mastercard, AMEX, etc) or fiat. All-in-one solutions are listed below. *What are the fees and service charges?
BTCPay Server Setup: No Fee Bitcoin Only Solution for Merchants - https://www.youtube.com/watch?v=FfXammizweQ
*** JUNE 2023 UPDATE:
Clover, Stripe and PAYPAL ripoff?
Clover screws over restaurants after "no surprises" advertising campaign
https://www.youtube.com/watch?v=zQM2cTxpfJc
No ads video? - https://odysee.com/@rossmanngroup:a/clover-screws-over-restaurants-after-no:e
6 days left to dump Square merchant services before they begin screwing small businesses
https://www.youtube.com/watch?v=GCrxL-lc9d8
No ads video? - https://odysee.com/@rossmanngroup:a/6-days-left-to-dump-square-merchant:9
*** JULY 2023 UPDATE:
Many other options to consider: https://news.ycombinator.com/item?id=36811026
Louis uses https://www.authorize.net and the magento payment gateway - magento.com, which has been bought by Adobe? https://business.adobe.com/products/magento/magento-commerce.html
What about STRIKE?
https://www.paycec.com/faq/what-is-strike-payment-gateway
Strike POS demo - https://www.youtube.com/watch?v=nXYL6k_BHgk
Payment via QR code demo - https://www.youtube.com/watch?v=EWi1xEueISE
STRIKE APP UPDATE! Everything You Need to Know - https://www.youtube.com/watch?v=lqhrCe_jfPM
Official website: https://strike.me/
