Singapore Expats

credit card agreements for a store

Discuss the different banking options, rates, offers and perks.
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norahs
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credit card agreements for a store

Post by norahs » Fri, 07 Jan 2011 5:19 pm

Dear all ,
new to this forum and hope to get some insight as to a some questions i have to new store i am opening in Singapore-ladies fashion.
i am trying to find out if in Singapore if there is a company that does clearing of all credit cards so that my shop will be conected to this one clearing company that will clear all different credit cards (visa, master card, american express, diners, and maybe other international cards both bank issues and non bank).
in our country we have such a company , and while we need to sign agreemnts with each card cooperation separetly and agree on the % each company gets , we need to deal only with one clearing company that handels all the clearing and transmitions .

how does one go about this redit card buisness in singapore ?
thanks ,
[/b]

vozzie
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Post by vozzie » Thu, 13 Jan 2011 11:55 am

I suppose the first step would be to talk to your own Bank. I am sure they would have a service to offer you.

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Strong Eagle
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Post by Strong Eagle » Thu, 13 Jan 2011 12:00 pm

There are a handful of credit card processing companies that handle transactions and they all have pluses and minuses. Drop me an email and I will put you into contact with a friend of mine who knows all about it. Not affiliated, not making money... yada yada, blah blah, woof woof.

Cheers.

scarbowl
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Post by scarbowl » Thu, 13 Jan 2011 3:11 pm

You'll have to sign a separate agreement for AmEx but one provider can handle Mastercard and Visa. Nets Flashpay and EZLink must be signed directly with the company (separately).

Negotiate hard on the rates. They'll want to know monthly volume, average charge, and so on. Estimate a bit on the high side as it affects your quote.

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