Accepts credit card payments for course papers, dues an

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Accepting Credit Cards
The United States Power Squadrons

• The Experiences ofAbsecon Island Power Squadron

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Credit Cards
The United States Power Squadrons

• Two kinds Debit or Credit
• Many different companies issue cards
• Many different companies process credit card
  transactions
• Credit cards have many sub-types
• Qualified
• Mid-Qualified
• Non-Qualified
• Each charged a different rate of commission

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Credit Cards
The United States Power Squadrons

• Two different types of merchant accounts
• Retail generally the merchant swipes the
  card through a reader
• MOTO (Mail Order Telephone Order) - the merchant
  takes card numbers but never sees the card.
• Each account pays different commission rates on
  each type of card.

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Accepting Credit Cards
The United States Power Squadrons

• AIPS investigated four different card processors
  for each of the two types of accounts.
• The charges and fees varied widely.

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Accepting Credit Cards
The United States Power Squadrons
1 NOVA transaction fee for qualified cards is
.18 2 Based on the fact NOVA requires minimum
sales of 2,000.00 per month 3 NOVA equipment
rental can be up to 230.00 depending upon
equipment selected 4 Heartland is the processor
for Commerce Bank the discount rates shown are
averages they provided quotations for
twenty-two types of different cards
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AIPS Experience
The United States Power Squadrons

• Opened a retail merchant account with Minotola
  National Bank, a regional card processor
  headquartered in southern New Jersey.
• Limited our acceptance to MasterCard and Visa in
  order to control expenses.
• Accepts credit card payments for course papers,
  dues and initiation fees, and admission to social
  events.
• Purchased a used card reader which enables us to
  swipe cards at a remote location and report the
  transactions on-line later.

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AIPS Costs
The United States Power Squadrons

• 250.00 for the card reader
• 50.00 one time set up fee
• Between 1.6 and 3.05 of transaction amount
• Twenty-five cents per transaction
• Five dollars per month

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Benefits
The United States Power Squadrons

• Who carries cash?
• Increased enrollment in squadron classes
• Convenience for members increases attendance at
  events
• Ability to accept dues payments

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Drawbacks
The United States Power Squadrons

• Liability if credit card information is stolen or
  miss-used
• Someone has to lug the machine around

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IS IT WORKING?
The United States Power Squadrons
Yes!
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More information?
The United States Power Squadrons

• P/R/C Thomas R. Dougherty, SN
• tdougherty_at_simcare.net
• or
• abseconislandps.orgclick on Information, then
  Credit Card

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Questions
The United States Power Squadrons

• ? ? ? ? ? ?

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