On-line purchase with wire transfer?

[sledge]

Yeah, I doubt it is available to small merchants yet. This KLM transaction yesterday is actually the first time I've seen a widget like that on any e-commerce website. I thought it was an amazing idea. Hopefully small businesses will have access to something like this soon.

AMEX Interchange fees are ridiculous. Visa Signature Rewards Preferred cards are only 2.4%. That's over a percentage point higher for AMEX, and AMEX doesn't even offer their cardholders any extra benefits beyond what most Visa Signature Preferred cards offer. Where do they get off on that?!? I'm honestly surprised that more merchants don't charge higher fees for AMEX card transactions, as I know it's possible to have people state whether their card is Mastercard, Visa, or AMEX prior to the transaction.

I sure hope Amazon doesn't take over EVERYTHING, but it does seem to be heading that way.

I've seen several local merchants that won't take AMEX or Discover cards. While I have both I tend to utilize my VISA and MC reward cards more, and it's never an issue where they are accepted.

 

[TreeScientist]

Interesting. I suspect that I will just stick with offering a great discount for wire, I also do not need the high threat of fraud with credit cards. Many jewelers actually have set up their shipping and reception rooms to record every package that is shipped and received to prevent false claims of empty packages being sent and received.

Wink

Oh, don't get me wrong, I'm not saying the wire transfer discount is a bad idea. I know there's many other benefits to wire transfer for merchants beyond CC Interchange fees. But when it does come to using cards, I think that varying the processing fee based on the interchange fee is a great idea. I mean, my VS rewards preferred card has a 2.4% + 10 cent interchange fee, whereas my debit card's interchange fee is less than 1%. If I used my debit card for a hypothetical online transaction, then the merchant would save about 1.5% on the transaction's interchange fees. However, my VS card gives me (the consumer) rewards, so unless they charge me extra for using the rewards card, then of course I'm going to use the rewards card to get my "free" money. This would probably also force AMEX to get off their high horse and lower their ridiculous fees, as their cardholders would probably be b!$ching up a storm if they were hit with a 3.5% fee for every transaction.

As I said in my reply to @Rockdiamond, I doubt this type of software is available to small merchants yet, but hopefully it will be available soon. Actually, the consumer side of me doesn't want this to happen, because my "free" money will suddenly become less "free" haha... But the side of me that is thinking about starting my own business in the future would definitely welcome the implementation of this software on a broader scale....

...I'm so torn!!!

 

[Rockdiamond]

If the consumer is using PayPal to purchase an online listing, I see no way to deal with a difference in fees.
And I see PayPal as the Amazon of payment systems- they are taking over ( till Amazon decides to put them out) ( I mean, Bezos is only making like $250mil a day, I don't know how he's scraping by)

I've seen several local merchants that won't take AMEX or Discover cards.

I see this frequently- especially outside the US

 

[WinkHPD]

I'm honestly surprised that more merchants don't charge higher fees for AMEX card transactions, as I know it's possible to have people state whether their card is Mastercard, Visa, or AMEX prior to the transaction.

Last time I read my merchant agreement contract, it was against the rules for me to charge someone using a card more than someone paying cash. I can give a cash discount, but I can not add a surcharge for using a card. I really would rather just not ever take a card, which is why I offer such a steep discount.

On the other hand, I use an American Express Delta card and get miles plus one free bag whenever I fly Delta. I put as many business expenses on the card as I can and earn many free trips each year. Sadly, I cannot put my CBI diamonds on a card, I could fly anywhere First Class several times per year if I could...

Wink

 

[Cookie1210]

Hi there,

I wanted to report back on my experience with USA Certed Diamonds (Martin Sheffield). We wired the money to him per his instructions and received the diamond as promised. Martin has been a pleasure to work with and he stayed in touch with us throughout the entire process, keeping us informed as needed. We are very happy with the decision to go with him. Now we have to figure out where to get this stone set.

Thank you all for taking the time to respond - this is a great community and the advice is free!

 

[chanieish]

I'm glad it worked out for you! It can be anxiety-provoking to send a larger sum of money via wire transfer. Its good to stick with PS recommended vendors as they have records of their trustworthiness.

Come back and post pics of your new diamond and ring! Congrats!

 

[sledge]

Congrats on everything. Glad it worked out. Let us know if you need suggestions on a jeweler for the setting.

Also....pics.....we need some, lol.

 

[Cookie1210]

Sure, will post pictures after we figure out how/where to get it set.

 

[Diamond_Hawk]

One of the reasons that most of us offer discounts for wire transfer is there is no worry about credit card fraud or excessive fees.

Once the money hits our account, it is ours. No clawbacks because the card was stolen and not reported until after we confirmed with the bank that the card was good. Card fees have dramatically jumped too. Mileage card, add fees to basic fee. Money back cards, holy CRUNCHBERRIES, some of those cards charge the merchant in excess of 5%. Thanks but no thanks!

Wink

Well said, Wink. I have spoken with customers who assume it is a 'cash incentive' type of promotion, not realizing that (especially if working on very slim margins) the price difference is only a matter of recovering credit card fees.