CRAFT: It's Friday, October 23, 2009

Report on Credit Card Processing T3
by Karen Hohler

On Tuesday we met with Edith Ransom of Bank of America. She went over the VISA and Master Card rate charts with us and it was most enlightening. Although there are lots of different types of cards out there with differing rates, most of us take the basic cards that we swipe through a terminal. Bank of America does not add a percentage to these rates to process them for us. They simply add 20 cents to each one - makes it easier to figure. Rates start at 1.54% plus 10 cents (VISA rates) plus 20 cents (BofA) per swipe. Debit cards with a pinpad start at 1.03% plus 15 cents (VISA rates) plus 20 cents (BofA) per swipe. Terrific rates! (Non-swipe, corporate, rewards and non-US card rates are higher) Plus, there is no monthly fee, no statement fee and ink and paper supplies are free. There is a one time $25 activation fee. And, by the way, I always found their customer and technical service people to be wonderful. Clear, quick and helpful.

Would you like to find out how your processor compares? Pull out your last 3 monthly statements and fax them to Edith Ransom at 904-312-5582. Edie's phone is 410-437-2039. Tell her you are a member of CRAFT. Take a few minutes and do this today. You could save hundreds of dollars over the holiday season.