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Old 03-18-2009, 02:18 PM
 
165 posts, read 852,331 times
Reputation: 134

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I need to buy a register and a debit/atm card machine for a store i will be opening. I have a few questions regarding how they work. Is the register somehow hooked up to a software on a computer that tracks the sales? Does it print out a receipt with the total of money in and out? How much will i have to pay in taxes, what % of the earnings?
Also, how does the debit card machines work. Where does that money go? Do i have to create an account with the provider? How do i go about getting a debit card machine?
thanks
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Old 03-18-2009, 03:49 PM
 
11,715 posts, read 34,961,944 times
Reputation: 7464
For processing credit cards, you swipe the card at point of sale and the machine contacts the bank through the Internet or a dialup connection and authorizes or declines the transaction. At the end of the day, you run an end-of-day procedure on the machine which actually charges the cards. When you open the merchant account you give them your bank account number so they can transfer your money to you electronically, minus their fee, typically 1.5-3% of the gross sales. Taxes are between you and the government. The merchant account provider has nothing to do with it.
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Old 03-20-2009, 12:51 PM
 
165 posts, read 852,331 times
Reputation: 134
Thanks a lot
Do you know of any providers by any chance? I know i could go through BoA but i heard they charge a lot..
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Old 03-20-2009, 04:48 PM
 
11,715 posts, read 34,961,944 times
Reputation: 7464
Quote:
Originally Posted by hellaslover View Post
Thanks a lot
Do you know of any providers by any chance? I know i could go through BoA but i heard they charge a lot..
I've had two merchant accounts. The first was with Cardservice International and they were a rip off. They pretty much nickel and dime you to death. This was a few years ago and I was a low volume non-swiped merchant so maybe its different now or better for fixed location stores. I'm a Costco member and they had a deal with a processor (NOVA Info Systems, I think) that was cheaper and had a lot less little fees for everything. I don't know if that's still Costco's partner but you might want to look there first. American Express usually charges you a lot more than Visa/MasterCard so you'll have to decide for yourself whether or not its worth it to accept them.
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Old 08-25-2012, 08:10 AM
 
1 posts, read 6,691 times
Reputation: 10
we are looking for a debit/credit card machine.. need to know what to ask and look for in a company. and what charges should be and what is to much. thnx
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Old 08-25-2012, 08:20 AM
 
Location: Corona del Mar & Coronado, CA
1,566 posts, read 1,115,767 times
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Quote:
Originally Posted by hellaslover View Post
Thanks a lot
Do you know of any providers by any chance? I know i could go through BoA but i heard they charge a lot..
Not sure if US Bank is in Sacto much yet, but they have been a joy to deal with in So Cal. As to charging fees, everything is a negotiation. Get 3-5 quotes and don't be afraid to ask for better rates.
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Old 08-25-2012, 09:14 AM
 
Location: El Dorado Hills, CA
3,670 posts, read 7,955,274 times
Reputation: 3748
You might also post on the business forum here - you might get more responses.
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Old 08-25-2012, 09:34 AM
 
Location: California
90 posts, read 164,490 times
Reputation: 49
I would start with your own bank and then check out others in your area. Almost all banks offer some form of merchant services. What you really want to look at is the pricing variance. Good luck!
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Old 08-25-2012, 11:06 AM
 
8,324 posts, read 14,034,042 times
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Magnets.
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Old 08-25-2012, 03:15 PM
 
70 posts, read 198,420 times
Reputation: 39
I know an increasing number of small businesses using Square Up.
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