Everyone is familiar with PayPal, and now Google Checkout is giving them a run for their money. But my professor suggested I look into Costco's Merchant Account offerings. Here's the lowdown:
- 1.99% plus .27 per transaction.
- Accept Visa, MasterCard, American Express, Discover, debit cards and corporate purchasing cards.**
- $4.95 monthly statement fee - waived for Executive Members
- One time $25 application fee - waived for Executive Members
- Live customer service 24-hours a day / 7-days a week
- Free basic online merchant account access
- No batch fees
So, if you pay for an executive membership ($100 annually), all your fees are waived. I'm already a member, but I'd have to pay that extra $50, but it would be worth it to avoid a $5 monthly statement fee.
Also, Executive Gold Star members (still $100) get 2% back on their purchases throughout the year. If you bought all your office supplies and stuff there, that would really add up. Plus, executive membership includes a household card, so I guess you can buy your food also, and get the 2% on that. This seems ideal for someone like me starting a sole proprietorship...I'm always looking for those extra little rewards for my family.
I'm still deciding which to use, but it looks like it's going to come down to the extras...any thoughts?
4 comments:
Well.
I believe this business is from Nova information systems, and not from Cosco.
Guillermo
They've partnered up so Costco can offer this service to all their business-owner customers, hence the discounts in membership fees.
Did you happen to look into what services they have for online businesses and if there are increased fees. Usually when you have an online business you need to have a CNP Account (Card Not Present) similar to a mail order or phone order business.
Hmm, when I was using Costco's merchant account services for processing credit cards (about... ten years ago) they didn't accept Discover, and it was an extra charge and an extra contract to accept American Express. It makes sense to include it, though; since Costco has their own American Express card program. Anyway, I ended up leaving them for one through my local bank because it was too expensive. Maybe it's better now, though. It looks like it, anyway! Good luck to you.
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