Let's talk about self storage.

communities_1.jpg
 View Only
  • 1.  Credit Card Processing Fees

    Posted 11-21-2023 01:31 PM
    We currently use Global Payments as our payment processor and the rates they charge are crazy!  In January 2022, the rate was 7.60% of my credit card sales and the latest invoice is 9.47%.  I called in March to negotiate new rates and they kept charging me my old rate.  I called in to complain and they agreed they made a mistake and are reimbursing us.  I then found out they have raised rates again but they are going to hold me at our old rate.  They said you can dispute your rate every 8 months to negotiate a new rate with them.  

    I am wondering if you all are experiencing the same issues with your credit card processor and if you are having to pay such a high percentage.  We use Syrasoft as our software provider so I am not sure if we are limited on who we use, or if it matters.


    --
    Sara Yeaton
    Business Manager
    JDLV Properties, Ltd.
    Office (210) 349-0404
    Cell:  (214) 938-4870


  • 2.  RE: Credit Card Processing Fees

    Posted 11-22-2023 08:51 AM

    My processing fees with Easy Storage Solutions are currently running at 2.77% and that rate has been going up roughly a quarter point per year.  



    ------------------------------
    Daniel Brown
    Owner
    River Hills Storage
    Austin TX
    (512) 347-8336
    ------------------------------



  • 3.  RE: Credit Card Processing Fees

    Posted 11-22-2023 02:14 PM

    Does your software integrate with your cc processing.  That is, can the payment be initiated directly through the payment process in the software.  If so, does the software provider allow other companies to integrate with an API?  If you record the payment in the software, then record the payment separately find another cc provided that is cheaper.  I have heard several software companies in the storage industry have gone to captive cc processing so you can only use they provider.  In that case owner is stuck with whatever increases they want.  I you are in an open format call Trinity Merchant Services.  888-315-9714.  I think you will get a better rate. 



    ------------------------------
    Doug Hunt
    Owner
    Owners Management Company, Inc.
    Lancaster TX
    (214) 742-9499
    ------------------------------



  • 4.  RE: Credit Card Processing Fees

    Posted 3 days ago

    Hi there, I know this is an old post, but we have been battling Global Payments as well, and are finally doing what we can to change merchants. It's almost refreshing to see we're not the only ones dealing with this mess :/

    Our biggest issue is we use Winsen as our management system for our facilities, and really don't want to switch over to another program like Blue Moon, etc. But 7.8% for credit cards bc of our "third party" software is insane. I don't mind having to use one system to run the payment, and then go back and enter it into Winsen, which seems like what we'll have to do. I just really don't know where to begin to look outside of Global Payments. 

    My FIL/boss is talking to one of the local banks to see if we can use their card clearing services, but it doesn't sound like it is going to work out. 

    Anyway, I guess my question is, did y'all ever get anywhere with this? Really any info or advice will be greatly appreciated! These credit card companies are eating our lunch! 



    ------------------------------
    Joseph Johnson
    E-Z Self Storage Company
    Kerrville TX
    (830) 257-6059
    ------------------------------



  • 5.  RE: Credit Card Processing Fees

    Posted 3 days ago
    Those are some amazing processor charges.  

    I am switching from a self-managed facility to one of the remote management software companies listed as vendors on TXSSA.  We Presently use Clover's credit card processing.  Their fees typically range from 2.3% to 2.6% plus $0.10 per card-ppresent transaction, and 3.5% plus $0.10 for keyed-in transactions.  

    The quote I just got from one the venders on the list is:

    $14.95/month

    2.69% + $0.25 per Visa/Mastercard/Disc
    3.29% + $0.25 per AMEX
    $0.50 per ACH transaction

    -
    Edward Holman
    managing partner
    Deep Ellum Self Storage
    3215 Hickory Street
    Dallas, TX 75226
    (214) 426-3337





  • 6.  RE: Credit Card Processing Fees

    Posted 3 days ago

    Most of the software vendors in the industry proceed cc and rates are lower than what is are getting

     

    Douglas Hunt

    Owners Management Co.

    Access Self Storage

    The Green Iguana Hotel, St. Thomas VI

    OMC Gate Co.

    3404 N. I-35E

    Lancaster, TX 75134

    Off -214-742-9499

    Cell- 214-236-7474

     






  • 7.  RE: Credit Card Processing Fees

    Posted 3 days ago

    You are correct 7.8% is insane .  There are other vendors in our industry that are 2% or less .  Go to the TSSA diretory

     

    Douglas Hunt

    Owners Management Co.

    Access Self Storage

    The Green Iguana Hotel, St. Thomas VI

    OMC Gate Co.

    3404 N. I-35E

    Lancaster, TX 75134

    Off -214-742-9499

    Cell- 214-236-7474