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We recently started renting out our condo on VRBO but at this time are only accepting checks. We are thinking of accepting credit cards but unsure of which company to use. I was thinking of going with PPI and wanted to hear what anybody else uses or the pros and cons of using PPI.
I can't find the PPI rates on the website to compare with others - does anyone know what the rates are? When I looked a few years ago there were a number of plan choices listed but now I see nothing
PPI still has several types of plans according to my understanding. I choose to forgo the plan with the monthly charge of about $25 (at least that's what it was when I gave it up) with the lower service rate (I don't know what they are) as there are months when I don't do any processing. In exchange for not paying the monthy charges, I pay a higher service rate on Visa, MasterCard and Discover (no AMEX). For US transactions, it's 3.5% and for international transacations 4.5%. There are additional fees and charges will usually add a few more dollars to each $1000 I process. I have found the charges a bit confusing at times, but have found PPI helpful with explaining the charges. Nevertheless, I am looking around for a less expensive merchant account if I can find a company that provides equally responsible customer service.
I have used ecomm merchant solutions for years. They have awesome customer service. They even called me recently to lower my monthly fee. That to me was a huge win in the customer service area. There is no setup fee.
monthly fee for merchant acct 14.95
Qual discount rate 2.25%, Nonqual 3.34%
both have a small .05 cent charge per transaction
To apply for one, click link below.
With a PPI policy it is essential for borrowers to pay attention to the fine print. Some lenders add the cost of the policy to the money being borrowed or credit being extended. This means that borrowers could take more credit than they intend to, and pay interest on the insurance policy to boot.