I have read a bunch of posts, opinions, issues on this topic and feel that I can contribute. First, my credentials - I have sold Point of Sale software to many retailers for years. Every one of them accepts credit cards, I have relationships with many processors and services, I do not sell Credit Card Processing nor any of the products I will review here. I am happy to further explain anything to the best of my ability.
PCI - this is a big grey area. It stand for Payment Card Industry. It refers to security standards. Your processor has the ability to charge for non-compliance, but that does not release you from liability. If you violate PCI Standards, and a fraudulent charge occurs as a result, your processor may fine you up to $10,000 per incident (violation, not fraudulent activity!). Take it very, very seriously. A few points:
- Do NOT use knuckle busters. Unless you lock up the slips immediately, and follow a specific security process to keep them secure, you may be in violation of PCI Standards
- PCI fees typically apply to older payment devices (credit card machines).
- Square, Paypal, Intuit, SalesVu etc are all PCI Compliant and do not charge PCI fees
Processor monthly fees - Don't pay them. For our industry, the expense of the dedicated credit card machine is ridiculous. Find a processor without them
Smartphone / Tablet processing - In my opinion, this is the only way to go. You can buy an i-Pad for about the same as a wireless CC machine. Square and SalesVu both have great iPad apps and they just plain work. You can wirelessly tether to your cell phone, and the processing uses an insignificant amount of your data plan (you won't notice any difference). There are no monthly fees, just the percentage.
The real math - Square charges 2.75%, SalesVu charges 2.7%. Square charges a bit more for 'keyed transactions' (card won't read), SalesVu does not. Your bank will tell you that they only charge "1.8%" or x basis points over the exchange. What you need to do is estimate your monthly charges, then add all the 'fees', then estimate the 'non-qualified' and 'semi-qualified' transactions that carry a surcharge, then figure out what your REAL percentage is. We used to have a ridiculously low rate, through someone that I have a long term relationship with, and it still worked out to over 2.2% net. And trust me, you won't get the rate that I did. Unless you are charging over $5,000 per month don't waste your time with the math. Get Square or SalesVu.
Square or SalesVu? I can't address Intuit or PayPal, I have not used them. We use SalesVu with Square as a backup
- Cost - SalesVu is a bit cheaper, does not charge for 'keyed transactions', but does cost a little more for Amex. Square will give you as many card readers as you want, SalesVu gives you one, additional ones are $99. No monthly fees on either. SalesVu does have a minimum monthly processing fee of $15, so if you run less than $563 in a month they will charge you the difference up to the $15.
- Devices - SalesVu has a much better 'swiper' that does not spin around, the Square device is tiny. Personally, I don't like the Square device, but many do!
- Application - Square will let you put items in the system with prices, including discounts, but this only works on the iPad. SalesVu has a robust Point of Sale app that works on iPad, iPhone and Android.
- Reports - if you want to analyze your business, SalesVu wins, hands down. Sorry, Square fans. BUT there is that $15 minimum monthly
- Email - Square stores customers emails. If they have ever used Square with that card, you don't have to enter the email for the receipt. BUT you don't get the customer email address for marketing purposes. For me, this is a deal breaker. SalesVu allows you to download your customer base with email addresses any time you like. Very easy to look up customers and orders on SalesVu as well. If a customer has used the card with YOU before, SalesVu remembers the email address
- Support - I have never used Square support, but have heard from others that it is not great. SalesVu does have great support, but you will use it more because it is a much more robust application.
Why even bother with Credit Cards? - If you are not accepting Credit Cards, you are throwing away money, plain and simple. We did not accept cards for the first 3 years. Once we did, our average transaction with CC is 30%-40% higher. Overall sales up 50%. Get over it, it is a cost of doing business.
Ok, so I have bared my soul, and am prepared to be abused. Obviously I like SalesVu, but I don't have anything to do with them. But remember, I have not charged you for this consultation! This is a fabulous forum, and I am happy to share what I really know (my wife is the Artist, I am the sales guy). I leave the Art expertise to Nels, Goeff, etal.


and is non-refundable.
June 22 & 23




