bigcitycollectables
|
posted on April 11, 2003 06:50:13 PM
Does anybody know of a good credit card processing company. One that doesnt require a $5,000 reserve.
Im sick of Paymentech.
Our Yahoo! store wont be listed in the search engines for another 30 days so we half to depend on Yahoo shopping to make money. But we dont even come out even when we make a sale after Paymentech deducts there %25 reserve and the %5 Yahoo! stores charge and the other %3 that Yahoo! shopping charges.Added to all that you half to pay the store fees ($100.00 plus) and the Paymentec monthly service fee ($25.00)
So everytime we make a sale we are actually LOSING money.
If anybody can refer us to a better company it will be greatly apreciated.
[ edited by bigcitycollectables on Apr 11, 2003 07:08 PM ]
|
stopwhining
|
posted on April 11, 2003 08:12:37 PM
why is paymentech(banc one) asking for a 5000 dollars reserve??
what kind of discount rate are you getting from them??
go to yahoo shop forum and click on merchant account and you can read the discussion on merchant account offers/
http://www.ystoretools.com/forums/
|
bigcitycollectables
|
posted on April 11, 2003 08:19:21 PM
I dont know why.They dont mention that untill after you apply for an account. This is after you set up you're store and days after you email them you're application. They just pulled it out of their ass at the last minute.
It was like. "Oh yea by the way, we will be keeping all of you're profits for the next 4 or 5 months.
|
shop4shoes
|
posted on April 11, 2003 11:49:10 PM
http://www.echo-inc.com
I have referred many people and no one has ever had a reserve.
You may want to look at the other "fine print" with paymentech. They used to make you let them know way in advance if you are canceling your account with them.
Thread on this board about merchant accouts:
http://wsacp.vendio.com/mesg/read.html?num=2&thread=505920
|
stopwhining
|
posted on April 12, 2003 07:52:00 AM
if you are selling hot items like electronics which run into thousand of dollars,paymentech may want to hold a large reserve.
yes,you have to give advance notice to close your paymentech account and i believe there is a 6 months contract.this is stated in your application.
you should call them and ask to speak to someone,not just a clerk.
|
Libra63
|
posted on April 12, 2003 08:23:11 AM
Instead of a credit card processing service why don't you require you buyers to use BidPay. Buyers pay for the service not you and you have your money with a short time if they pay right away.
|
stopwhining
|
posted on April 12, 2003 08:43:09 AM
bidpay is only good for auctions,not store purchase.
|
neonmania
|
posted on April 12, 2003 08:50:06 AM
Personally, there are a lot of terms I will put up from from a seller but requiring bidpay is not one of them unless they are willing to subtract BidPays fees from my purchase total.
|
bigcitycollectables
|
posted on April 12, 2003 08:58:07 AM
No becouse I called them and told them that this policy of theirs is about to put me out of business and they said to call them and cancel my account before that happens.
Their was NO fine print about this policy. Trust me I looked everywhere. My average order is 50-$100. So you can imagine how long it will take to get to $5,000 selling only through Yahoo shopping.
If they wont cancel this reserve I will just cancel my account collect my money and switch to another service.
|
bigcitycollectables
|
posted on April 12, 2003 09:01:32 AM
Its the same thing if you went to work for 4 or 5 months with no pay but all the taxes.
|
Libra63
|
posted on April 12, 2003 09:13:29 AM
You don't pay anything for bidpay. The buyer is responsible for the $5.00 charge. I didn't know it was for anything but auctions. Thank for telling me.
|
neonmania
|
posted on April 12, 2003 09:29:31 AM
Libra - I realize that sellers pay nothing. What I was stating is that as a buyer I would resent a seller that requires use of BidPay. That would absolutely keep me from bidding on their item unless they offered to discount the bidpay fee from the final sale amount.
|
neonmania
|
posted on April 12, 2003 09:34:01 AM
::I called them and told them that this policy of theirs is about to put me out of business and they said to call them and cancel my account before that happens. ::
Somehow I'm not getting a warm fuzzy feeling about this company 
I would cancel now even if you have to use PayPal for awhile as you set up a merchant account. Have you tried contacting your bank about a merchant account?
|
celebrity8x10s
|
posted on April 12, 2003 09:35:27 AM
I use linkpoint and haven't had any problems. Instead of a terminal, I am able to enter items manually thru their site. I also use the gateway for my website. Rates are good, and this past month, they offered a deal for Amex that has a flat charge of $5 per month, with no %.
|
stopwhining
|
posted on April 12, 2003 10:47:59 AM
paymentech is recommended by yahoo when you open a yahoo shop as it uses the first data entry platform when you place an order.but there are other services which also use first data entry platform.
paymentech has been burned by yahoo shops which accepted bad credit cards and then months down the road ,closed their bank accounts and left paymentech holding the bags.
if they let you close your account now without waiting 6 months,i would suggest you do so,paymentech is also slow in depositing sales proceeds into your bank account.
question-why open a shop on yahoo and carp about yahoo fee??yahoo will cookie your customer for days if not a week to collect on yahoo revenue share.
say i go to yahoo to read news and then wander in to yahoo shopping and drop into your store and then browse and leave.
but i bookmarked your store.
a few days later,i come direct to your store thru the bookmarked URL,yahoo remembers that i found your store thru yahoo network and will claim a 3 % revenue share on top of the 1/2% transaction fee.
|
bigcitycollectables
|
posted on April 12, 2003 12:11:51 PM
Naw I was just saying that after the 25% reserve is deducted and the yahoo store and shopping fees are taken out we dont even comew out even. In other words.
We lose money by making a sale.
Were low on stock and dont have the money to pay for anymore stock.
What is a good credit card company that is compatible with First Data Envoy?
By the way,thanks for the advice.
|
stopwhining
|
posted on April 12, 2003 12:37:11 PM
if you go into yahoo shop forum,merchant account ,you will read about a guy by the name of bill dumont who will help you open an account with first natl bank of nevada,which also uses first data entry plateform.
make sure you read all the fees involved-9.95 monthly statement fee,transaction fee,avs fee,batching fee etc,and a minimum discount fee .
|
bigcitycollectables
|
posted on April 14, 2003 03:55:33 PM
Well I didnt half to do anything becouse he emailed me asking if I was interested in swithing to his services. lol
|
yisgood
|
posted on April 15, 2003 07:08:16 AM
You can get a full merchant account with low rates (about 2%) and monthly minimums plus gateway fees (about $20 a month) or you can get a pay-as-you-go account with higher rates (3.5%) but no minimums or gateway fees. The advantage of the second account is that if you don't do much credit card processing, you won't be forced to pay a minimum. You can also switch your account from the no minimum to the regular at any time. There are three tiers and you choose which one you want.
For more info on merchant accounts, you can read
www.ccs-digital.com/merchantact.asp
http://www.ccs-digital.com
[email protected]
[ edited by yisgood on Apr 15, 2003 07:08 AM ]
|
stopwhining
|
posted on April 15, 2003 07:38:26 AM
to open a yahoo shop,you need a merchant account.
|
