Costco Offer Credit Card Processing (Merchant Services)

Hey Guys,

I've been a Costco Executive Business Member for some time now and was just recently told by the clerk at Costco that they offer Merchant Services.

I signed up my business and was set up in less than a week.

I did my research and Costco has the lowest rates that I have seen. I saved about $100/mo with them versus my previous processor.

There was a different phone number at the Costco website, but the Direct ph# to the company they contract with for Credit Card processing is 1-800-336-2621. I believe you press Option 5 to get to the Sales Department.

I'd refer you to my rep, but I understand he has been promoted, but all the folks I spoke to were very professional.

I'd really recommend it, as I am doing great on my new service with Costco.

Canada BankCard Systems gives merchants the lowest rates on Visa/Mastercard and great advantages with POS terminals as they allow you to offer cash backs, sell phone cards, etc..
www.canadabankcard.com

Do yourself a favor, buy from someone who actually offers 24/7 service for your equipment. Especially if you don't operate a business in their time-zone. Private suppliers are a great option... but know what you're getting. Unless it's changed CBS doesn't answer their tech-support phone after 8 pm EST.

I went to the link posted above by John and could not find any information on their rates.

I used to belong to the Retail Merchants Association, but have found the $250 annual membership fee just to get better merchant rates not worth it. THerefore am switching to the Costco service provider for pretty much the same rates.

John K wrote:

I went to the link posted above by John and could not find any information on their rates.
I used to belong to the Retail Merchants Association, but have found the $250 annual membership fee just to get better merchant rates not worth it. THerefore am switching to the Costco service provider for pretty much the same rates.

If you think Costco is giving you a good rate take your total Volume of V/MC sales and divide that by your expenses with costco. You will get the average percentage your paying with costco. Guarentee its not as good as you think. I've had plenty of merchants think they are getting great rates. By the way annual fees normally aren't charged.

costco is offering merchant services thru Nova info sys based in the U.s ...we provide merchant servics in canada thru Nova..they offer the best rates and excellent services Guaranted..No other company in the canadian marketplace comes close..contact me if u need more info: info@direcpay.net

[we can get u great rates thru Nova info sys..contact info@direcpay.net

Canada BankCard Systems we offer merchants 1.75 Visa/MC rates as well as 10 cents per IDP transactions. Watch out for Costco as they have different charges for each card used ranging up to 28cents... Also had a merchant who came to me after saleswoman at Costco didnt get back to him after his application was sitting there for over a week,very unproffesional,after that he contacted me on Feb 4 we approved him within a week and he has his terminal. We do cash backs and phone cards all extra revenues for merchants Costco cant compete. visit www.canadabankcard.com

Canada BankCard Systems Inc rates best rates on Visa/MC email John at korbversion01@yahoo.com

Canada BankCard Systems is SCAM company.. there is no customer support after 7 EST... dont do business with this co. there are so many issues with them.. Bill in Calgary

Bill in Calgary,
It's possible to take your equipment to another private company for a minimal cost. There are companies in Western Canada that will gladly assume your terminal and your business and provide you 24/7 support. All with a minimum of fuss.

Competition in Calgary

We run a small business and are using a hand swipe machine for Visa & M/C. We are presently looking for a good rate for a machine dial-up for Visa & M/c and perhaps American Express as well as debits. Can anyone help in this matter. We have been approached by the retail merchants association and we too found their membership to be way to high for a small business.

Shirley, what is your current discount rate? Visa/Mastercard's direct rate is 1.69%. Most banks charge a higher rate because they need to earn a profit from your account. There are only a few banks out there that offer direct rates from visa/mastercard, which were normally offered to only fortune 500 companies. Costco Merchant Services may look like it's the cheapest, but they have many hidden charges as well as small prints.

I just re-read what you said, Shirley. I would recommend a company called Merchant Services. They represent JPMorgan Chase and Transfirst. Those two banks offer direct direct rates from Visa/Mastercard, which is normally offered only to fortune 500 companies.

Shirley you can try a private company that's a broker. They work by shopping your account to the major Canadian suppliers on your behalf. That way you get all the options and none of the legwork. Check poswest.com or prosperapay.com

Canada is a MUCH different system than the states for merchant accounts. And every processor has small print.

Thanks for your input. Our rates right now is Visa 2.25 and M/C 1 9. I think I should just stick with the manual imprinter but our present one has worn out so I need to replace it and so need to find someone who has an old one laying about. If anyone has such they could reply to this forum please.

Manual imprinters will become a thing of the past starting with the release of chip cards in Canada this year. By 2010 all Canadian cards will need to have PIN codes for validation on Visa/MC.

You can buy them on ebay :)

thanks Popcorn
I will try to find one on E-Bay. Did look to no avail.

Bill wrote:

Canada BankCard Systems is SCAM company.. there is no customer support after 7 EST... dont do business with this co. there are so many issues with them.. Bill in Calgary

Do not ever make the mistake of signing on with Canada Bankcard. First of all, they misrepresent all the fees, they actually use American companies for the leasing of equipment and provider of visa/mcard services, don't dare have an issue with the machines not reading a clients' debit card on the weekends, no-one will answer you at Customer Service, they may call back on Monday. The sales rep. Ron Pumphrey, you will never see him again after he signs you on. The $20.00 fee they say they will charge ends up being $80.00 every month, if you have an issue with Accounting and fees, they never get back to you. NEVER have I seen a company with such POOR and non-existent customer service!!!!

Do not ever make the mistake of signing on with Canada Bankcard. First of all, they misrepresent the fees, they actually use American companies for the leasing of the equipment and providing visa/mcard services, don't dare have an issue with the machine not reading a client's debit card on the weekend, someone may call you back on Monday. the sales rep. Ron. P. you will never see him again after he signs you on. READ THE FINE PRINT, the $20.00 fee ends up being $80.00 every month. If you have an issue with your fees, they will never get back to you. Never have I seen a compnay with such poor and non-existent service