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osCommerce

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Lookin for a Merchant Account & Gateyway


sinryder

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hey guys, can one one please recommend a good reliable merchant account with the gateway.

so far i liked citi bank and bank of america

 

citi bank:

rates: 2.10% + 0.20 for vi / ma / discov ... Amex rate 3.5%

international vi / ma rate : 2.3% + ( 20 base point ) varies on the customers card ,the guy said he cannot offer fixed rate for international transactions

monthly $30

chargeback : $25

setup fee $99

 

BOA

rate: 2.12% + 0.20 for vi / ma / discov ... Amex rate 3.5%

international card vi / ma 3.35 % + 0.31 ( boa offered fixed rate )

monthly $25

chargeback $15

setup fee $150

 

 

if you guys have delt with these 2 providers then please let me know your experiences.

 

any help is greatly apprecaited

 

thankyou

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  • 3 weeks later...

I use payquake (payquake.com) with an authorize.net gateway. There's no set-up fee, no gateway fee, and the best plan is 19.00 per month, with the transaction fees collected applied to that monthly charge.

 

2.39% visa/mc

.25 per transaction

 

Jay

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Until 2008 google checkout charges no fees at all for sales which is a great deal. You could set it up (very easily with the google ipn module) for the time being and take your time deciding with what to do next. I also think their system is very friendly to customers and although customers have to open an account the process is not as tiresome as it is with some of their competitors.

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You should never have to pay a setup fee these days.

 

check out cdgcommerce.com.

They have some great rates and a lot of ppl recommend them at sitepoint. They even offer a free gateway.

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  • 3 months later...

Those are not super rates. Keep in mind that only about 2/3 of your transactions will actually get that rate - the rest will be called "downgrades" either "mid qualified" or "nonqualified" for which you will be charged extra (sometimes a lot, as much as 2% extra on those transactions) because the customer is paying with a business card or a rewards card. Also, are you paying less for debit cards? They cost the processor less and therefore you should get a discount on them. Informedmerchant.com is an information blog that I put together that helps merchants like us learn about credit card processing - the three articles that you should read to understand pricing are Marking Up the Downgrades, Merchant Account Costs and Who Makes Money From My Merchant Account.

 

In particular if you are already in business you should shop around a little bit. The amex isn't negotiable but the visa/ mastercard is.

 

If you are already processing and you use authorize.net you should try using TransparentFS - they are like priceline but for credit card processing - their blog is also a good source of information.

 

A good place to get info on this is at the Greensheet which is the trade magazine for credit card processing salespeople. A little bit of hunting around there and you will be able to negotiate better.

 

Another thing to remember is that only chumps pay startup and cancel fees, the salespeople will ALWAYS waive these. If you don't like your merchant account provider it is very easy to switch, your authorize.net account can stay the same (any processor can use authorize.net) - it is just a simple phone call to switch your authorize.net account to another merchant account provider, you won't have to change anything in your oscommerce config. So don't feel locked in.

 

 

hey guys, can one one please recommend a good reliable merchant account with the gateway.

so far i liked citi bank and bank of america

 

citi bank:

rates: 2.10% + 0.20 for vi / ma / discov ... Amex rate 3.5%

international vi / ma rate : 2.3% + ( 20 base point ) varies on the customers card ,the guy said he cannot offer fixed rate for international transactions

monthly $30

chargeback : $25

setup fee $99

 

BOA

rate: 2.12% + 0.20 for vi / ma / discov ... Amex rate 3.5%

international card vi / ma 3.35 % + 0.31 ( boa offered fixed rate )

monthly $25

chargeback $15

setup fee $150

if you guys have delt with these 2 providers then please let me know your experiences.

 

any help is greatly apprecaited

 

thankyou

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One other thing, when checking out a merchant account, make sure to ask their policy on refunds. I didn't ask my first merchant account, and they not only charged the discount rate for the original purchase, but they would charge me the discount rate AGAIN for refunds. So my client purchases $100 - I pay say $2.20. They ask for a refund and I pay ANOTHER $2.20 to give them a refund. AACK!!

 

Most companies will charge you the first time and then not again on the refund. There are a very few (like paypal) who will actually refund you the fees from the first transaction when you process the refund.

 

Any way is fine as long as you know what you're getting into. Make sure you ask.

 

Adrienne

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  • 1 month later...

There is no reason to pay setup fees for virtual terminal/gateway or just for the merchant account itself.

 

More importantly you do not want to get yourself locked into a long term contract. Almost all merchant account providers have lengthy contract terms from one to three years which could cost your company over $1,000 in cancellation fees and penalties.

 

These companies can damage your credit and place you in collection proceedings if you refuse to pay their cancellation fees and penalties.

 

Also, it appears that neither one of the providers you mentioned offers instant 99% online approvals in under five minutes and no paperwork. You do not want to waste your time filling out lengthy applications only to be rejected.

 

Usually with these type of merchant bank providers you will be held to stricter underwriting policies or rejected if your credit is not the greatest or if you have bad credit and are a new merchant or have a business type that they do not like for whatever reason which happens alot to aspiring ecommerce merchants.

 

If your volume is over $15,000 you may have more leverage in negotiating discount rate or fee reductions. We have had great success for over five years using a merchant account and gateway clearing through First Date and Linkpoint.

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