Costco Merchant Services Review
To get your business on the right track, you have to be able to accept all modes of payment known to man.
Yes, this may present some financial issues but when handled strictly, in an area with equal market footing, more customers will flock to you because of payment ease and accessibility.
And you will only be able to cover one payment type, the credit card-debit card payment kind, if you avail of a merchant service processor.
This outfit will be the clearing house for your debit cards and credit cards payments. The merchant service processor receives the payment, sends out electronic data to the bank informing them of the payment and its amount, and if the bank approves, the processor prints out an approval form that signifies that the payment was received. That is how merchant services are vital to a business’s future.
Costco is one of these merchant services provider. Recently, Costco is making waves in the merchant services industry. Raves of great service in partnership with Nova Information Systems, Costco is currently getting good reviews from clients.
Their prices are competitive, ranging from 1.65% plus 20 cents per transaction for retail, and 1.99% and 27 cents per transaction for phone and mail order sales. Those are the rates for Visa and Mastercard but there are varying extra charges for American Express, Discover, and debit card payments.
Recently, Costco aligned with Elavon to be able to provide their clients merchant accounts for retail, fax, mail, phone, and internet businesses. However, this particular modes of services are only available in Costco only for clients in the United States.
Elavon is one of the largest processors of credit card and debit card payments in the United States. And to ensure the consistency of their accessibility and reliability, Costco and Elavon have set up a second network that automatically starts working as soon as the main network fails or is undergoing maintenance.
Just like everybody else, the services they offer are available twenty four hours a day seven days a week.
The $4.95 monthly fee has been waived for Costco’s Executive members so it pays to become a member of that group. And to top that, the one time application fee of $25 has also been waived for the same Executive members.
And there are no batch fees, unlike other merchant services processor. There are no hidden charges that will just pop out as soon as you sign up and the service has improved and it keeps on improving.