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Thread: Anyone using PaymentMax for CC processing?

  1. #1

    Default Anyone using PaymentMax for CC processing?

    Since my Merchant Bank recently sent a letter stating they would begin witholding 20% of my transactions it's time to move on. My first choice is Paypal, fees are a bit higher but but the benefits seem to outweigh that.

    But PaymentMax looks pretty good too. I can't find a single complaint on them and they're very heavy into smart phone-android processing. And they also allow the use of wireless machines and the FD400 I currently use is compatible with them.

    Any feedback would be appreciated.

  2. #2
    Senior Member Wade Randolph's Avatar
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    Sedan Guy what was their reason to hold back a portion of your money?

  3. #3

  4. #4

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    sedan guy,
    It reads to me if they are only withholding a % if the business name they have on file does not match the one you file taxes under, I could be reading it wrong but if you are a legit business you have no worries ...
    Myles Flood
    Limos for Less
    www.lflcs.com
    www.limosforless.ie
    Dublin's Award Winning Limousine Service.

  5. #5

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    I'm completely legit but I don't trust my merchant bank, they've been charging me $15 per month for a service I don't use and it's pointless too keep calling them on it, not to mention it appears other costs are going up substantially so I do want to move on.

    So again, any PaymentMax users out there and how do you like their service?

    And any feedback on paypal's Virtual Terminal would be appreciated too.
    Last edited by Sedan Guy; March 5th, 2011 at 09:12 AM.

  6. #6
    Member skywaves's Avatar
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    Just started dealing with chargeanywhere.com, and everything seems to be working fine. What I liked about their system is that it not only will email a receipt, it also produces a receipt at the moment the transaction is started. If your interested give Richard a call at (732) 417-4447 ext 144 and tell him Jim at Excalibur Limo sent you.
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  7. #7
    Senior Member Cedar Mill Limousine's Avatar
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    Paypal is a little expensive ($35/month for the virtual terminal) but we have found it easy to use. Also, I prefer it because with identity theft being so prevalent, I feel a company like Paypal would be the most trustworthy.
    Rich Rottier
    219.808.0976 | richrottier@gmail.com

  8. #8
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    Paypal also offers free transfers to your checking account plus has the Paypal debit card, both of these are the main reasons that I stick with Paypal. Once upon a day some may have thought that Paypal was a cheezy way of doing business but today Paypal is well-known and accepted.

    It's also nice for someone like me (Ebay buyer) to purchase more stuff easily.

  9. #9

    Default

    I appreciate the responses. Paypal is offering me VT for $30 per month and I like the fact that I will be able to easily track each transaction and by using their debit card I think it will be much easier to keep income and costs individually itemized in an easy to understand format. The rep did mention a 90 day 30% witholding policy with many merchant accounts but said that would not be applicable to me since my average charge is about $70. Do they actually clear the cards before depositing the funds in your account or does that come after. According to their demo it seems they do but someone also said that involves an extra fee.

    Anyone know?

  10. #10

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    Sedan Guy, Check out the thread about Square. Might be useful. Digger, have you used Square yet? Got an opinion?

  11. #11
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    We tried Paypal . Rates were too high and they held money for up to 90 days.We use National Processing Soultions.We get our money quick. Have a pocket swiper for use in car or bus.Clients love the email receipt . Our fee is a flat 25.00 plus .10 per trans per month. Way less than Pay Pal 2.9% & they dont hold my money My two cents worth

  12. #12
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    I have all of my Square stuff installed now and have received the little scanner, have not tried it out yet.

    I keep hearing about Paypal holding money for 90 days, they have never done that to me. I charge it and have 100% right then. I don't know why some accounts hold the money for a term, maybe because mine is a Premier account and verified?? Only the Shadow knows...

  13. #13
    Senior Member Party Bus Andy's Avatar
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    I also use PayPal and they do hold 20% reserve for 90 days. The reserve has never been a problem for me, it just makes me plan ahead better. I believe the reserve was introduced in 2007 which is when I started my account. I also thought it was only supposed to be in effect for the first 1 year, I'll have to check on that.
    Andy
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  14. #14
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    The 2.9 % you pay on PayPal is the Killer for me. If I do small ticket airport runs it is o k . But the first time I do a large ticket run the palpal rate cost me money. Andy and I have talked about this. If you pay extra to not have them hold money for 90 days then it cost even more to be in that program. NOT for us !

  15. #15
    Senior Member Party Bus Andy's Avatar
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    When I started my PayPal account in 2007 I was told that the 20% rolling reserve was only going to be in effect until I had established a history as a vendor and would be reviewed in the future. Well, it's the future and I called PayPal this afternoon and asked them when my account would be reviewed and I was told that they don't normally do reviews, but that they would request one for me. 6 hours later I received an email stating that my rolling reserve is now 5%.

    Service fees are still the same but I'm not under any contract so I can switch at any time if I find a system that I like.
    Andy
    937-620-9120
    937-524-5899 (office)
    Dunlap Limousine, LLC
    http://www.dunlaplimo.com

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