[Cabal] Credit Cards

Kevin M Stange kevin at simguy.net
Tue Nov 21 01:58:35 EST 2006

Sean Egan wrote:
> I got the quote on this today, and filled out the paperwork. Credit
> card processing is *complicated*, and I'll try to explain our rates
> the best I can. The best measure, though, is that my girlfriend
> wouldn't stop marveling every time she saw a waived fee or low rate.
> Visa and Mastercard both have tons of different card types (probably
> about 40 each), all with different rates, and we have no clue what
> those rates are until after it's charged. Each transaction takes a
> flat fee, ranging from nothing to $30, and they take a percentage,
> ranging from .1% to 3%. These are the fees applied by the credit card
> companies and are, as such, unavoidable.
> To cover the cost, the processing company also has a percentage and
> flat fee. The rates we're offered are .05% (Elie says the lowest she's
> ever seen is .1%), and a 10 cent flat fee. Additionally, there is a
> batch fee: you typically send your transactions in to be processed
> once a day, so every day that has transactions will get charged
> another dime.
> The processors also charge a $5 monthly fee.
> Lastly, there's a gateway fee; the gateway is the bit that takes our
> transactions from the Internet and sends them to the processor. They
> recommend authorize.net which they claim is the cheapest for what we
> need. They will cost us $20 to setup, a $5 monthly fee, and a nickel
> per transaction. There's plenty of free software we can install on
> pidgin.im that speaks the authorize.net protocol.
> I'm assured that this is a very good deal.

We do processing here at my company through the authorize.net gateway
and it seems to work fairly well and have decent rates.  You can also do
processing through a "gateway" like PayPal.  I wasn't here for the early
part of this thread, so I have no idea what this is about.  Is there an
archive or can someone fill me in?

It's possible I can get some information relevant to card processing
from work which might be useful here.


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