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High Risk & Low Risk Merchat Services

Ingenico Group's Fully Managed IPhone-based Payment Solution Selected By

Ingenico Group's Fully Managed IPhone-based Payment Solution Selected By
In addition, Ingenico Group will also manage all the European transactions through its central gateway. This fully PCI DSS compliant solution will help Loewe control costs, providing end-to-end security in compliance with international payment …
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Apriva Partners with GoCoin to Offer Bitcoin and Altcoin Payments
International payments platform GoCoin has announced a technology partnership with point-of-sales (POS) service provider Apriva. Apriva's Gateway connects payment devices, merchant acquirers and payment processors to deploy and manage wireless …
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‘Real Time’ Settlement Aside, NACHA Sees Solution Ubiquity As The True Game

‘Real Time’ Settlement Aside, NACHA Sees Solution Ubiquity As The True Game
They simply aren’t needed as much as they were a decade ago because consumers have more electronic options available to them to pay billers and merchants. It is perhaps because of this, or perhaps just partly so, that NACHA, which oversees the ACH …
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Katy sisters arrested in scheme to defraud retailer
The majority of the settlement payments were made via automated clearing house (ACH) deposits, an electronic payment method which generally involves the use of interstate wire communication facilities, according to the complaints. Drummer and Hall, in …
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Modest Growth Trend Continues In Small Business Economy
Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs. Managed Technology …
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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.

Add your own answer in the comments!