posted on December 11, 2000 11:29:49 AM new
I was looking to see what a CC Merchant account would cost to establish. I found this company http://www.expandyourbusiness.com/home.htm
They call themselves Cardservice International. 2.35% discount rate with a .25 per transaction fee plus a $10 per month fee. Has anyone used them? Does anyone have any good providers they could recommend? Any help would be appreciated.
posted on December 11, 2000 01:09:11 PM new
Find out what software or machine you need to do the processing. That sometimes makes the difference. When I was looking for a merchant account, I found a lot of "good deals" until they told me that I had to buy a $2000 software program or lease it for $50 a month for 48 months. I got my account thry Fleet Bank. It was the best at the time.
$195 sign up fee. $5 a month statement fee. .22 transaction fee. Rate was 2.2 for discover, around 2.5 for Visa/MC and over 3 for Amex. I had to buy the software for $395, but after that I owned it. The following year it was just $50 a year plus the fees.
posted on December 11, 2000 02:20:23 PM new
I have a merhant account. It is through heartland payment systems. I do not have any terminal equipment. I use Authorize.net's virtual terminal, and everything I process is done through the computer. No extra fees.
I pay 2.45% discount rate ($25.00 minimum fee per month), .30 per transaction. $7.50 per month statement fee.
Gateway fee for Authorize.net is $19.95 per month, and .10 per transaction.
There is a 10 day turnaround time from account settlement until the money is in my account.
I have been very happy with them thus far.
Initial costs were the application fee and authorize.net set up fee.
For me, it is worth it. I have the personal choice of whether or not I want to accept a credit card payment, AND I can verify the billing address. It is worth the expense to me. PLUS, sales off my site have increased tenfold so far since adding a shopping cart, and accepting credit cards.
posted on December 11, 2000 02:20:54 PM new
Thanks Yisgood, I appreciate that advice. I noticed that a lot of the companies have a software package you have to buy and it does cost a fortune. I think that must be where they like to make their money up front. I'll have to make sure I understand every charge before I sign any contracts for sure. Does your provider have a web based processing system or do you have to process the cards yourself?
posted on December 11, 2000 02:24:20 PM new
Thanks Kidsfeet, I think you hit on a key point, verifying billing address. That seems to be your first defense against fraud. I appreciate the info, I'll have to check into them further.
Yisgood, thanks
[ edited by Freddy57 on Dec 11, 2000 02:25 PM ]
posted on December 11, 2000 03:28:10 PM new
When I worked for an online e-tailer from 1998 through early 2000, we used Cardservice as our merchant account provider. Since we only used the merchant account for our online sales, no swipe terminal was needed. (thank goodness---they are very expensive and many providers seek to rope you into long leases and contracts that never end.) We used Authorize.net as our online authorizer. Cardservice was okay but we waited on hold forever when we needed a statement explained or other questions. You should cultivate a good relationship with your account rep so he/she can solve any thorny problems that come up. I liked Authorize.net. They were simple to use once you learned the procedure for verifying cards. Only bad thing is that they also made you wait forever on the telephone.
Most of these companies want you to use email to solve problems, not costly CS reps, but sometimes there are problems that are better and more quickly solved by a human.
posted on December 11, 2000 03:31:52 PM new
brighid868
It seems like good customer service is getting harder and harder to come by these days. I appreciate your input on the matter. It looks like it is going to be a tough decision to find a good provider but in the end it should prove to be worth it.
