surftime
Joined: Eons Ago
# Posts: 42
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Posted: 2003-Aug-09 17:54
Hello all
What do you reccomend for higher volume processing. I have used card service, IPayements and the like. They are the same in that they want about 2.4 percent and like to hold a reserve when business takes off.
The banks on the other hand, feel e-commerce is too risky and do not want a 1 year old business.
Is there a bank you all have had luck with??? The reason i ask is that most banks have lower discount rates and faster deposit times.
Also, i heard some comments about being your own merchant??? Could you explain.
Finally, i am only processing with the 4 big CC's. Am i missing out with some of the smaller cards like PayPal?
Thanks!!
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sirduncan
Joined: Jun 15, 2000
# Posts: 481
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Posted: 2003-Aug-13 20:54
For our business, we use Wells Fargo. Online access, discounts for having multiple accts with them and the deposit times are faster than I would have imagined. Sometimes in on Monday when you final on Friday day. Of course they have their charges, but we have been happy with them.
We are currently using a regular checking account to proccess the cards into, but we will be upgrading to the business accts soon so that we can do realtime processing through authorize net or someone like it.
We do accept paypal to and get quite a few orders through them. However, thats partly because of our demographics. older - at home women who don't want to give people their credit card numbers.
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excell
Staff
Joined: Mar 19, 2001
# Posts: 14512
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Posted: 2003-Sep-18 18:46
Interesting... I would have thought that the at home women would rather trust the merchant than the likes of a third party.
I guess the thing is to have diversity of payment channels that suit your particular target market and the geographics.
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surftime
Joined: Eons Ago
# Posts: 42
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Posted: 2003-Sep-19 02:18
That is intersting, we do not currently accept paypal but my interest is raised.
sirduncan - does wells fargo request a deposit to process higher levels? This can be a problem with other merchant service providers
Thanks
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Corey Bryant
Joined: Eons Ago
# Posts: 1
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Posted: 2003-Sep-21 14:50
2.4 is pretty high. I have one deal with CSI. If you are standard - no high risk etc, I can get you 2.25% & .25
If you decide to use paypal - get a separate checking account. Dump that money from paypal into there & then immediately take it out. Paypal can freeze that checking account for as long as they want.
As far as a deposit on high levels - we have not ran into this problem. I do work with another processor because we are in talks with someone from Europe to process between $1-2 million a day.
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sirduncan
Joined: Jun 15, 2000
# Posts: 481
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Posted: 2003-Sep-23 17:45
surftime - I'm not sure. I would have to ask.
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ltcobretti
Joined: Jan 08, 2004
# Posts: 22
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Posted: 2004-Jan-25 01:28
Surftime, read the article posted in my profile, I also use CSI and they have been good. You definately need to get address verification, and soon the new CCV number will be used in most stores...When I opened I was looking for someone who would be better for lower volume, and after shopping pretty hard they were the best. I also take Discover cards, and feel that I have never gained a sale by having them. Start with just VISA & MC. -Adam
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Rezac
Joined: Jan 25, 2004
# Posts: 817
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Posted: 2004-Feb-15 01:51
I've been using Authorize Net and have had no problems at all. It was easy to set up, they did a credit check on me, I was approved and now I can accept mastercard and visa...I get a few folks wanting to send me cash with paypal, but paypal is for kids of rich parents, "here you go son, heres a K for your Paypal acct"
Itcobretti is right, to heck with discover and AE, 98% of all my sales are Visa and MC.
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debunked
Joined: Jan 22, 2004
# Posts: 97
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Posted: 2004-Feb-19 20:08
I believe the type of product and the demographics you are reaching will determine if it is necessary to use discover and AmEx. We personally benefit from the 2 since we sell to the wealthier people who use American Express charge cards (pay in full monthly) and discover which has cash back options.
We have found some of the largest charges are on Amex.
-Debunked - PM me if you need a shopping cart, processor, merchant account, with hosting and more for 59.95 month. Fair rates and easy to get started.
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121merchantaccount
Joined: Nov 27, 2003
# Posts: 5
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Posted: 2004-Feb-19 20:48
You should be able to get a merchant account for about 2.27%, $.35 per trans, $10 bank, $14.99 gateway. That's it.
Now, if you have a year of history, will no or min. chargebacks, and are not adult oriented, you should be able to get a fairly high volume account.
Also, if you have the trak record to prove you are a solid company you may be able to get even lower rates.
If you want more help, PM me or visit my site in my profile.
AS for PayPal, avoid at all costs. They will freeze your high volume account, just because they can. Visit PayPalSucks.com for details.
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dtrip
Joined: Mar 11, 2004
# Posts: 1
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Posted: 2004-Mar-11 16:33
A nice and much more flexible service than PayPal service is iKobo (www.ikobo.com). You get rates from 1.99 to 2.99% and you also can forget the bank and gateway fees.
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stevenjm
Joined: Eons Ago
# Posts: 824
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Posted: 2004-Mar-13 11:42
I have just been looking at ikobo and then found this thread.
Has anybody had any experience with them?
forgive me dtrip but I am a bit suspicous of a 1st time post thats recomending something.
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Rezac
Joined: Jan 25, 2004
# Posts: 817
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Posted: 2004-Mar-19 05:27
Pay Pal can NOT freeze accounts. That's hogwash. And further more, Pay Pal is one of the biggest financial jokes on the internet. Who doesn't have a credit/debit card these days? Nobody that has a computer. Pal Pal is a scammers Haven.
P.S. They can freeze your paypal acct, but not the acct that the money dumps to.
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stevenjm
Joined: Eons Ago
# Posts: 824
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Posted: 2004-May-26 11:05
Lucky I am a suspicious person.
interesting discussion on ikobo
http://www.thaivisa.com/forum/index.php?showtopic=8621&st=0
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_ssen
Joined: May 25, 2004
# Posts: 37
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Posted: 2004-May-27 04:46
I think AuthorizeNet would be a good choice for slightly larger volumes and up.
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