Since Pa*pal has increased its fees so drastically, I am planning on going to a merchant account service. I don't know who to trust, there are so many. I'm so positive that 80% of them are failing dot.com's. I don't want to put my transactions at risk with a cheezy merchant account provider.
Please, if there are any seller out there that have good recommendations of merchant account (credit card processing services) and have good rates please tell me. It would be much appreciated.
posted on July 5, 2001 07:40:24 AM
how about your local banker??
rate is a little higher and it requires commercial checking which in our state means getting a DBA(doing business as) certificate ,
Paymentech of BANC ONE provides merchant account and shopping cart for yahoo shops,you can inquire .
posted on July 5, 2001 07:56:38 AM
Have you considered ASKING PayPal and BillPoint for the merchant rate on your accounts?
I have their merchant rate on both despite what they say about doing $1000 a month. Because I'm gone large parts of the year, there are months when I don't meet this criteria (and months when I make up for it) but they both have extended the merchant rate to me.
posted on July 5, 2001 08:26:07 AM
go with a reliable one,bank of america will send you a packet ,costco also has some kind of offer via an affiliated company for their members
posted on July 5, 2001 09:19:37 AM
If you have a limited number of transactions it may be easier to use Propay.
They allow you to enter thr card data yourself and I have never had trouble doing foreign cards. I keep a toll free fax # at ureach.com for about $5 a month for recovering thr card data.
posted on July 5, 2001 09:42:45 AM
I have an internet merchant account through a big regional bank reselling First Data services. It's part of a package of e-commerce services.
Rate is 2.39% + 25 cents per transaction. Minimum monthly fee is $25. No statement fee, no terminal needed, no other added fees or charges. Everything is done online. Application fee was $149 and the account was approved within 24 hours.
Look up First Data's web site. It will list banks around the country that resell its card processing services.
posted on July 5, 2001 10:45:15 AM
Try merchantconnect.com. They should lead you to a good merchant account provider. I've had great service using them. However, if you really break down the fees of processing these yourself versus paypal, you may not be saving any money. As you're most likely a mailorder firm, you'll average around 2.5% plus a per transaction fee of around 25 cents. Add onto that monthly statement fees and equipment lease, and you may actually pay more. I do like having the option of providing customers both choices.
posted on July 5, 2001 10:48:17 AM
i believe first data and paymentech are both owned by banc one of ohio.
i believe if you already have merchant account,and just want to process online,then you talk to first data.
if you want the whole deal,then talk to paymentech.
log on to yahoo shopping and find paymentech or call 1 -888 807 5874.
you can view your transactions,chargebacks etc 24-48 hours later via an independent service called monette.
posted on July 5, 2001 05:29:20 PM
I obtained my merchant account through Costco's program with Nova Information Systems. Nova is one of the largest processors in the country and is very reputable. You need to be a costco executive member ($100) to apply, but the membership does have other rewards, for small businesses and if you just want to shop there. The application fee was $25 and the rates are very reasonable. And recently they lowered the rates and some of the fees.
I had this long before selling on eBay. Even though a lot of people use the online payment services, I do process quite a few American Express payments. I don't think PP and BP accept AmEx.
But the best thing is that I have the freedom from relying on a third party to process transactions for my "under construction" website.
I highly recommend Nova. Other good processors are Novus (discover card) and First Data Corp.
