Experience the difference of "Elite".

How does the pricing between Stripe and Lynbrook compare?
(page 2 )

Chris Hynes
Dec 13, 2019 8:20 AM
OR Team Member Joined Oct, 2012 1400 posts

Yep, it really depends on your volume. Stripe has a higher percentage rate per transaction, but no monthly fee. While Lynnbrook has a lower rate per transaction but has a monthly fee. If you're doing more than 20k/yr or so it usually pencils out in favor of Lynnbrook even after the monthly fee.

Rick A
Dec 13, 2019 11:02 AM
Joined Dec, 2018 7 posts

Has anyone used NationalBankCard.com?

Adria
Dec 13, 2019 7:44 PM
Joined Jan, 2018 19 posts

Has anyone had any experience with Lynnbrook or Costco handling chargebacks?
In talking to Costco, the pricing is as follows:
1.99% + $0.25/transaction
Application fee ($25) and monthly stmt fee ($5) are waived for executive members
But to process online requires a gateway, they use Converge, $149 set up and $5/mo
The will connect for free set up to other gateways, but those seem expensive, too.

How does Lynnbrook compare? Do all set ups require the set up fee and monthly fees?

Becky G
Dec 30, 2019 5:05 PM
Joined Nov, 2019 29 posts

BlueMtnCabins said:

Fractionally it is, but whether it is worth switching. to me wasn't worth a hassle

@BlueMtnCabins and @Sheron Scurlock - I am still trying to figure out the additional fees on Stripe for international and currency exchanges. Have you had any experience with these? And do you know if Lynnbrook has them as well? Since my property is in Florida, international transactions are not uncommon.

BlueMtnCabins
Apr 28, 2021 10:15 AM
Joined Jun, 2016 1112 posts

anyone know how much stripe charges per authorization?

Carl P
Aug 18, 2022 4:10 PM
Joined Oct, 2021 1 post

Hi MB,

How is this working out for you ? I know this is a old post- we have Stripe but are looking for another solution. 

Adria
Aug 18, 2022 4:43 PM
Joined Jan, 2018 19 posts

I see I posted here in late 2019. I checked several choices and part of who is the best processor depends on your volume and frequency of charges. For me, a mid-range volume, under $100k, Elavon was best (via Costco, apparently Elavon not via Costco has different terms.). If you go through Elavon/Costco, I am happy to refer you ($100 Costco card for you and me.) My contact. is Trevious.Grier@Elavon.com and is great.

Other people like Bambora, Lynnbrook, Ascent, etc. But you'd need to check terms.

Kevin T
Aug 31, 2022 6:41 PM
Joined Jul, 2022 2 posts

What kind of rates do they have through Costco now?  Have any of the setup / monthly fees changed?

Rick A
Sep 1, 2022 9:43 AM
Joined Dec, 2018 7 posts

I average around 2.4% with all fees monthly.....I don't know if they have a set up fee currently.

Orlando Magical
Mar 3, 2023 12:41 PM
Joined Mar, 2022 3 posts

I see I posted here in late 2019. I checked several choices and part of who is the best processor depends on your volume and frequency of charges. For me, a mid-range volume, under $100k, Elavon was best (via Costco, apparently Elavon not via Costco has different terms.). If you go through Elavon/Costco, I am happy to refer you ($100 Costco card for you and me.) My contact. is Trevious.Grier@Elavon.com and is great.

Other people like Bambora, Lynnbrook, Ascent, etc. But you'd need to check terms.

by Adria – Aug 18, 2022 8:43 PM (UTC)

 

Hello

I wanted to use your referral since I am looking into Elavon.

Should I just send an email to your contact?

Thanks.

Adria H
Mar 3, 2023 12:54 PM
OR Team Member Joined Aug, 2022 119 posts


Sure, you can email me any questions about Elavon. I have used them for 3+ years and am extremely happy with my representative & her level of service.

Orlando Magical
Mar 6, 2023 3:57 PM
Joined Mar, 2022 3 posts


Sure, you can email me any questions about Elavon. I have used them for 3+ years and am extremely happy with my representative & her level of service.

by Adria H – Mar 3, 2023 5:54 PM (UTC)

I talked to them and then via email and what they told me over the phone and then via email doesn't match! 

They said there is a $149 set up with Converge and then $5 monthly.  And via email they said the monthly fee is $13. 

How much do you pay as a monthly fee?

I am evaluating Lynnbrook also, that has an amazing costumer service I may add because I called them like 4 times already vs Elavon that are not very nice over the phone!  :) 

Adria H
Mar 6, 2023 4:29 PM
OR Team Member Joined Aug, 2022 119 posts

When I signed up there was a $149 converge gateway fee, offset by a Costco rebate at 90 days, I think it was $200-$250 rebate.

I pay a $5 basic monthly fee, IIR, there was another $5 fee which was waived.

in my experience, Costco offers a different sign up special every month. And the Costco deal is vastly better than any other Elavon setup so you want to be sure they are quoting you the Costco offer.

Who did you speak to?

Paul W
Mar 6, 2023 7:38 PM
OR Team Member Joined Jun, 2009 817 posts

I am evaluating Lynnbrook also, that has an amazing costumer service I may add because I called them like 4 times already vs Elavon that are not very nice over the phone! 

This is one of the advantages of using Lynnbrook instead of Elavon or another large general-purpose processor.  Lynnbrook is designed around vacation rentals, and you'll never get a frozen funds issue or a suddenly-closed account.  Virtually all large general-purpose processors will do that in certain circumstances.

The other big thing is fee and deposit automation.  Lynbrook passes us to-the-penny fee amounts and deposits with every transaction, whether your fees are taken out once per month or in every transaction.  This means that you can see exact fees and deposits, as they happen, in OwnerRez without lifting a finger.  This is nice for reconciliation and for doing things like PM fee expensing.  In the future, we will sync these fees and deposits with QuickBooks as well.  If you use Converge or some of the others, you probably won't get that for a while if ever.

Just some other stuff to keep in mind.  The processing fee % isn't everything.

Tracy L
Jul 10, 2023 2:06 PM
Joined Nov, 2022 4 posts

Hi Adria,

I am signing up for Elavon and want to give you as the referral ($100!). They are asking for your email address and your business name.

Best,

Tracy L

Rick A
Jul 10, 2023 2:43 PM
Joined Dec, 2018 7 posts

Business Name:  Destin West Escapes

EMail: rick@destinwestescapes.com