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Accepting Credit Cards

The United States Power Squadrons ®. Accepting Credit Cards. The Experiences of Absecon Island Power Squadron. dedicated to making boating safer and more fun. Credit Cards. The United States Power Squadrons ®. Two kinds – Debit or Credit Many different companies issue cards

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Accepting Credit Cards

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  1. The United States Power Squadrons® Accepting Credit Cards The Experiences ofAbsecon Island Power Squadron dedicated to making boating safer and more fun

  2. Credit Cards The United States Power Squadrons® • Two kinds – Debit or Credit • Many different companies issue cards • Many different companies process credit card transactions • Credit cards have many sub-types • Qualified • Mid-Qualified • Non-Qualified • Each charged a different rate of commission dedicated to making boating safer and more fun

  3. Credit Cards The United States Power Squadrons® • Two different types of merchant accounts • Retail – generally the merchant “swipes” the card through a reader • MOTO (Mail Order Telephone Order) - the merchant takes card numbers but never sees the card. • Each account pays different commission rates on each type of card. dedicated to making boating safer and more fun

  4. Accepting Credit Cards The United States Power Squadrons® • AIPS investigated four different card processors for each of the two types of accounts. • The charges and fees varied widely. dedicated to making boating safer and more fun

  5. Accepting Credit Cards The United States Power Squadrons® 1 NOVA transaction fee for qualified cards is $.18 2 Based on the fact NOVA requires minimum sales of $2,000.00 per month 3 NOVA equipment rental can be up to $230.00 depending upon equipment selected 4 Heartland is the processor for Commerce Bank the discount rates shown are averages; they provided quotations for twenty-two types of different cards dedicated to making boating safer and more fun

  6. AIPS Experience The United States Power Squadrons® • Opened a retail merchant account with Minotola National Bank, a regional card processor headquartered in southern New Jersey. • Limited our acceptance to MasterCard and Visa in order to control expenses. • Accepts credit card payments for course papers, dues and initiation fees, and admission to social events. • Purchased a used card reader which enables us to swipe cards at a remote location and report the transactions on-line later. dedicated to making boating safer and more fun

  7. AIPS Costs The United States Power Squadrons® • $250.00 for the card reader • $50.00 one time set up fee • Between 1.6% and 3.05% of transaction amount • Twenty-five cents per transaction • Five dollars per month dedicated to making boating safer and more fun

  8. Benefits The United States Power Squadrons® • Who carries cash? • Increased enrollment in squadron classes • Convenience for members increases attendance at events • Ability to accept dues payments dedicated to making boating safer and more fun

  9. Drawbacks The United States Power Squadrons® • Liability if credit card information is stolen or miss-used • Someone has to lug the machine around dedicated to making boating safer and more fun

  10. IS IT WORKING? The United States Power Squadrons® Yes! dedicated to making boating safer and more fun

  11. More information? The United States Power Squadrons® P/R/C Thomas R. Dougherty, SN tdougherty@simcare.net or abseconislandps.orgclick on “Information,” then “Credit Card” dedicated to making boating safer and more fun

  12. Questions The United States Power Squadrons® ? ? ? ? ? ? dedicated to making boating safer and more fun

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