CC Processing

[Sammy12345]

Hello,
Does anyone know of a company that process cc charges for less then 2% (mainly without swiping the card for online transactions)  Pay Pal and Square are both above that amount?

[AsherO]

Hello,
Does anyone know of a company that process cc charges for less then 2% (mainly without swiping the card for online transactions)  Pay Pal and Square are both above that amount?

Are you looking for a merchant account, or are you looking to put spending on your own cards for a fee of less than 2%?

If you're looking for a legit merchant acct for swiped Visa/MC transactions, check out Costco's merchant acct.

[HelpMe]

If you're looking for a legit merchant acct for swiped Visa/MC transactions, check out Costco's merchant acct.

...and if you get the account I will give you 2.5% to swipe my cards. 

[AsherO]

...and if you get the account I will give you 2.5% to swipe my cards. 

People with legit businesses might want to consult legal/tax advisers before taking you up on that offer.

[Dan]

Hello,
Does anyone know of a company that process cc charges for less then 2% (mainly without swiping the card for online transactions)  Pay Pal and Square are both above that amount?

Intuit GoPayment
Costco Elavon

[shnozolla]

Are you looking for a legit company to spend on your card?
(I know a company that is looking to do some spending - I have been maxing out my cards with them for some time now)

PM if you are.

[AJK]

Are you looking for a legit company to spend on your card?
(I know a company that is looking to do some spending - I have been maxing out my cards with them for some time now)

PM if you are.

Why would they do this?

[shnozolla]

Simple...they need $$$.
If they spend on your card, the most they are going to pay is 3% to process it.

That's an excellent rate for a loan.

They offered me 20% if I give them cash for one year, but currently I don't have cash to give them.
So I give them my cc, they charge it and pay me a week before it's due and then charge it again.

They don't pay me for using my cc but I get tons of points, which is nice.

[kls0654]

That's an excellent rate for a loan.

What ? 3 x 12 = 36% year  & you called it an excellent loan ?

I am missing here something

[shnozolla]

It's not 12 times a year, more like 6 (The average cycle being 55 days.)

That brings it to around 18% / year.

And yes that is pretty good for a loan if you are not eligible for bank loans (e.g. amazon business etc)
Small business loans charge ~40% for loans and that worth it for many business (this is an entire industry)

But I don't really care how it works for them, as long as they make the payments on time before my cycle closes.

(that's also why they are willing to pay 20% / year, for people that give them cash)

[Kvending]

It's not 12 times a year, more like 6 (The average cycle being 55 days.)

That brings it to around 18% / year.

And yes that is pretty good for a loan if you are not eligible for bank loans (e.g. amazon business etc)
Small business loans charge ~40% for loans and that worth it for many business (this is an entire industry)

But I don't really care how it works for them, as long as they make the payments on time before my cycle closes.

(that's also why they are willing to pay 20% / year, for people that give them cash)

Do you mind to say how much they are using? & also do they pay the full balance off or do they just pay minimum balance?

[shnozolla]

sure.
I personally did 23k this past cycle. I am trying to get some more business cards so I can do more.

They are looking to raise ~300k.

They pay off the balance in full about a week before it's due.
(This past cycle they did a direct deposit into my account, but they usually send me a check)

[Kvending]

sure.
I personally did 23k this past cycle. I am trying to get some more business cards so I can do more.

They are looking to raise ~300k.

They pay off the balance in full about a week before it's due.
(This past cycle they did a direct deposit into my account, but they usually send me a check)

$300k per CC cycle? Also what does thos Company do? Also yor really only giving them a loan for a month & a half, Am I correct?

[sruly101]

Dont they pay off the CC alone?? without sending me the VIA transfer/check? dont have what to do with this amounts?

[shnozolla]

$300k per CC cycle? Also what does thos Company do? Also yor really only giving them a loan for a month & a half, Am I correct?

It is an amazon company (they sell stuff on amazon). PM me if you want more details and a contact in the company to talk to.
They are sharing all their financials and bank statements so you can asses if this is worth it for you.

No, 300k for the year. (well if they have to reswipe after every cycle yes it is 300k per cycle, if you want to look at it that way)

Yes you are correct that it is a 1 and half month loan. (or one full cycle)
The really want to do the spending at the beginning of your cycle so they can use the money for more time and pay less (they pay about 3% on each swipe)

They also want to do this for a year commitment (i.e. about 6 full cycles) if you can do more that would be great too.

Having said that...you can give it a test shot to see how it works before committing.
(even once you commit you can back out any time, just call them and say you don't want to do it anymore)

[MEIR613]

It is an amazon company (they sell stuff on amazon). PM me if you want more details and a contact in the company to talk to.
They are sharing all their financials and bank statements so you can asses if this is worth it for you.

No, 300k for the year. (well if they have to reswipe after every cycle yes it is 300k per cycle, if you want to look at it that way)

Yes you are correct that it is a 1 and half month loan. (or one full cycle)
The really want to do the spending at the beginning of your cycle so they can use the money for more time and pay less (they pay about 3% on each swipe)

They also want to do this for a year commitment (i.e. about 6 full cycles) if you can do more that would be great too.

Having said that...you can give it a test shot to see how it works before committing.
(even once you commit you can back out any time, just call them and say you don't want to do it anymore)

this sounds very shady

[shnozolla]

Dont they pay off the CC alone?? without sending me the VIA transfer/check? dont have what to do with this amounts?

They can do either one, I think it depends on the month.
They don't send you a check for cash, they send a check made out to your cc directly. (e.g. amex, chase, citi etc)

[sruly101]

this sounds very shady

+1

[shnozolla]

this sounds very shady

A legitimate company looking to swipe peoples credit cards sounds shady?

Have you only swiped you cc for personal purchases in the past?

You shouldn't do anything you are not comfortable with.

If any of you are living in brooklyn you can walk right and meet the guys running the company for more details

[MEIR613]

A legitimate company looking to swipe peoples credit cards sounds shady?

Have you only swiped you cc for personal purchases in the past?

You shouldn't do anything you are not comfortable with.

If any of you are living in brooklyn you can walk right and meet the guys running the company for more details

There is something like a "bought this for my mom" and there is another thing of swiping thousands of dollars in a company that is paying you back for what you swiped.