Business Banking & Finance Credit card payments

Hi guys

I run a business based on cash - that is all clients are direct debited to reduce debtors and ensure timely cash flow.

I have one part of the business that sometimes requires processing of credit card payments due to a few reasons which include "I cannot pay your invoice" - so we manually process a payment based on credit card details and authorisation provided by the client.

Problem is we used to use Stripe which was integrated to the website. They have blocked us due to the fact that we don't meet US regulations, I may assume that means that is "a mortgage organisation" i.e we do loans.

Now I need a local solution (not paypal) - what do other small business use? Processing of payments are irregular so monthly fees are not great.

Cheers Ivan

 

I just paid my carpet cleaner- he used ANZ fast pay.. No idea what it is but perhaps find out?
Just had an ANZ thing he attached to his iPhone.
I use stripe for my business, but payments are generally amounts under 5k. What caused you to not meet Stripes requirements? Hope it doesn't happen to me?

 

Hi Otie,

They have cracked down, it seems they can spot a reputable organisation like mine but not terrorists.

Stripe likened it to bank reforms and KYC and cause my business is in Aus its too high risk due to the fact my business deal with investment and credit services inc mortgage and consulting services. As a result Redwood got a cut with a few weeks notice. I don't get rejected often but get it. I don't necessarily want a eftpos machine and anyone internationally that checks the Redwood website will see that we offer investment and mortgage services.....

Last resort i go to CBA's Albert!

Cheers Ivan

 

@Redwood , curious as to why you don't want to use PayPal? Their fee's aren't too bad, and you can get a credit card swiper / paypass attachment for your smart phone (they are only like $30 outright too?).

I've had a business idea for a while, and looking at creating a website to market it shortly. The website software I'm looking at offers their own payment solution, or connection to PayPal.

 

Thanks Mikey - I ended up using Integra. Paypal was too onerous when I looked at it as we get tagged as a mortgage originator on anything US.....

Cheers mate

 

I agree - we've got two businesses and one uses the Paypal swiper ($30 from Office Works) - and the other uses a Merchant Bank credit card modem. The fees for Paypal are about half the bank.
The only problem is that, because we're a registered business, Paypal holds back a portion of the payment for 127 days. I assume to prevent fraud or disputes.