sundasher

Deb from PA

bump ... would like input on this company - I definitely think it is time for me to get an eft program .. been debating & contemplating it for too long. Always thought I wasn't big enough to do it, but wondering how many of you process your own -- Does anyone accept ONLY Credit Cards or ONLY bank accounts. My bank was not helpful at all, so I feel like I should just start processing my own.

Thanks for any info ..

BTANN

I use AAC and, for the most part, are please with them. I considered processing the EFT myself but I did not want to spend the effort and time. IMO, if you have a large number of EFTs (more than 300 clients) , it requires someone to spend alot of time staying on top of everything. Now some will say it is not that much effort, but for me, it is. I would rather spend my time doing other tasks.

With using a company like AAC you know it is being took care of properly. Of course , you pay a fee for them to do. It will properly cost about $1 to $2 per client, per month for their services. These billing processors advertise they will process bank drafts for 25 cents each and credit card for 50 cents, but there are also other fees as well.

If every customer you had paid their eft on time every month, then the average fee per customer per month would be less than $1. But trust me, once you got several hundred customers signed up on eft you will have your share of delinquent accounts.

Some of these other fees, that may be charged to you, are :

setting up the client, enrollment fee
cancelation fees for when your customer cancels
transaction fees for transmitting deposits into your bank account
fees not paid by your customer - someone has to pay them

One thing to ask the processor is what is the maximum fee per customer you can be charged while the customer's account is active; and the maiximum fee you can be responsible for when the account is canceled.

I know alot of salon owners will process the EFTs themselves due to the cost of paying a processor. But even if you do it yourself there are fees you will be charged from your bank. Or if you are only doing credit cards on your terminal you will have a fee for each transation as well. For the small amount more I chose to let a processor do it because I know they will do it right, plus they deal with delinquent accounts - not me.