Tag Archives:Account
High Risk & Low Risk Merchat Services

e-commerce merchant account shopping cart question?

Question by lindsay g: e-commerce merchant account shopping cart question?
If i set up a merchant account, will I get software to put a shopping cart in my site? i built my site with dreamweaver, and they have a shoppingcart, and i use hostmonster.com for a host and THEY have a shopping cart/merchant account package… but i also have a friend that sells merchant accounts.. what should i do>???

Best answer:

Answer by drachma
This is a complicated question —
It depends on the merchant account package.
Sometimes the merchant account gives you access to eCommerce packages i.e. Miva Merchant or open source osCommerce. You get full functionality but will not have the ability to customize it fully – but some you might.

Some times merchant accounts only provide SSL and ability to install shopping carts easier…through 1 click button as opposed to your own installation.

My advice is get to know eCommerce packages if you’re going that route. Any web host can add SSL and you yourself can install packages like Miva/osCommerce/XCart/ZenCart etc…

Get a Merchant account only if they take care of software installs, upgrades, etc. Or better – go with an e cart solution like goecart.com for example.

Hope that helps.

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Q&A: What is a good payment gateway slash merchant account solution?

Question by Paul: What is a good payment gateway slash merchant account solution?
I am looking for a payment solution for my e-commerce shop. I am interested in a gateway / merchant account combo.

I have heard of Total Merchant Services.

I really need some recommendation.

Thanks!

Best answer:

Answer by mss
Payment gateway is a part of an eCommerce merchant account. A merchant account is the service that enables you to accept card payments. Payment gateway is an online service that merchant account providers use for transferring payment details between the merchant website and the bank processing center. The payment gateway will be integrated directly with your shopping cart. The integration process varies by providers and will be handled by their technical staff. Generally the following documents will be required during a merchant account application process:

1. A merchant application – you will have to complete and sign this form. It includes general information about you and your business.
2. A copy of your organization’s Articles of Incorporation, unless you are a sole proprietor.
3. A copy of a voided check for the account that you will want your money to be deposited into.
4. Business or personal financials. Your tax returns for the last two years may be requested if your business is new.

There are many things you need to know when selecting a payment processing provider. The most important issue is processing costs – you certainly don’t want to be overcharged. The costs are comprised of various fees and charges and I have given you a breakdown below.

1. Discount rate – the amount a merchant is charged by his acquirer for processing the merchant’s transactions. It consists of a percentage fee (e.g. 2.19%) and a fixed, per transaction, fee (e.g. $ 0.25). You should not agree to anything higher than 2.19% + $ 0.25.

2. Authorization fee – another “per-transaction” fee. You should not pay more than $ 0.12.

3. Application and set up fee – one-time fees to apply for and set up your account. You should NOT pay ANY set up or application fees!

4. Monthly maintenance fee – as the name suggests, it is charged monthly to keep your account on file. You should not be paying more than $ 10.

5. Support fee – another monthly charged for customer service. You should NOT pay ANY such fees.

6. Virtual terminal fee – a virtual terminal is the application that you will open in your browser and enter the payment information as you are taking it over the phone or getting it from a form you got in the mail. It should be provided for free.

7. Gateway fee – it should not cost you more than $ 15 per month.

Once your selection is made and all required paperwork is submitted, the set up of your merchant account should take no longer than two business days.

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How do high risk merchant account providers assess the cost of setting up an individual merchant account?

Question by Dan: How do high risk merchant account providers assess the cost of setting up an individual merchant account?

Best answer:

Answer by Marie C
Many high risk merchant account providers will assess your costs depending on your business profile, owner’s personal credit, time in business, average ticket charge, monthly processing volume, business solvency, past processing history, and other lesser but important factors.

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