I have a prospective customer who offers the choice of payment by credit card or 90 day terms. I have never run in to this.

Has anyone ever set up for credit card processing? Do I ask my bank or one of the internet companies?

I'm having a hard time parsing you post....

This is someone paying you, right? For what? (AirBnB?) How do you want to be paid?

PayPal charges some random fee for business transactions. The question is, would you get a better rate from your bank? I suspect it depends on the volume and amount of transactions. If the volume/amount is low, you're probably better off with PP or an internet bank, if it's high, then you bank??

I don’t know the answer but if this is going to be a one off, you may well be better off doing PayPal.

But it’ll take some research to see what kind of startup fees or minimums are required to set up acceptance through a bank or internet service (which is a front for a bank anyway).

I have a Square account/Square reader that I set up several years ago; I don’t use it often. last time was 2 years ago when I had a sample sale. As I recall, they take a processing fee with each payment.

I have a PayPal account, but it’s a micropayments account (set up for receiving $12 or less with smaller fees) and whenI get a big payment, it takes out a huge chunk. But I usually sell patterns at $7 a pop, so it’s mostly fine.

Do you ever have payments through QuickPay or Zelle? No fees taken out of those.

And I finally set up a Venmo account for paying local music teachers; I don’t think there are fees taken out of those. I think Venmo is owned by Paypal.

Would you rather lose the credit card fee, or take payment on 90 day term?

We use Venmo for family, social things, and yes, there are no fees.

Steve, what protections there for you if you do the 90 day thing?

PayPal, do everything online, no need to deal with any credit reading machine. PayPal takes something like 3% off the top of your transaction, so if you figure the risk of '90 day terms' exceeds 3%, PayPal would be worth it.

I got my PayPal thing set up many years ago, so I don't know how it is now to set up a new PayPal account to the point where you can accept credit card payments.

Good luck!

quote:

Originally posted by ShiroKuro:
We use Venmo for family, social things, and yes, there are no fees.

Steve, what protections there for you if you do the 90 day thing?

My protection is that I will not do business with them. In my experience, 90 day pay = broke.

So maybe I take their credit card and add 10% for them being a PITA. I’m sure their bean counters think they’re being very clever. Maybe I add 30% - I like really clever bean counters.

I’ve heard of square. I’ll check them out. Or maybe PayPal will work. I already have it.