Question About Accepting Credit Cards
We own a vacation rental condo on Maui. We advertise it on VRBO (Vacation Rentals By Owner). When I renewed our ad last week VRBO's receipt contained a link to Payment Processing, Inc., a means for us to arrange to accept credit cards from guests. They list HSBC, Chase, etc. on their literature.
We've had 80% occupancy for years accepting only checks and money orders, but I have no idea how many people look at our ad, see we don't accept CC's, and move on.
This company offers rates for small volume 'businesses' like ours. (About 30 transactions per year.) If half our guests continued to pay by check, we'd be paying the company no fee and 3.5% + 30 cents per transaction. If all our guests paid by CC's we'd be paying $5.00 per month and 3.1% + 30 cents.
I have no experience with this. I suppose we could offer to take CC's and charge the guest a fee that would cover our costs for doing it. (Or, to put it another way, offer a discount for cash.)
Are these standard and reasonable charges? How does the money move from the cardholder to the company to us when we enter a charge? (They provided a tutorial on accepting the info from the cardholder and submitting it to the company over the net.)
Where *else* would I turn for information if not to this forum! LOL