What's the deal with merchant services/credit card processing companies?
It's not an easy question to answer as you have already found out. I would first go to your local bank where your business account is and ask what they charge. Forget about leasing equipment, it's cheaper to buy or use a virtual terminal. Also a few years ago I ran across a site that ranked all the top merchant account sites. It had great info and recommendations depending on your needs. If you Google "merchant processing reviews) I bet you can find something similar. I use Paypal and it's a love hate relationship. Since all my orders are online and I add new products all the time it's just the flat out simplest way to go. I however think they over charge (but no monthly fee) and it takes an average of 4 days to receive my money (transferred into my bank account). Good luck!
I need a high risk merchant account / credit card processor for a porn site. Which one is best?
Unfortunately, adult credit card processing is well behind the curve compared with Stripe and their ilk for "mainstream" products. But, integration with most billers is not that complex - 4-8 hours, depending on your level of technical competence.http://www.ccbill.com is the largest, well established, reliable and expensive, and I recommend them. http://www.epoch.com is a close second, smaller and "scrappier", a little more nimble.I also run a credit card processing company (in that, we work with you to help you get your own merchant account, which costs a little more up front, but has lower ongoing fees) - GMBill.com. We're not really suitable for startups, however, more enterprise-level, with a turnover of at least US$1m a year.
What is the best credit card merchant account company?
There are many companys offering credit card acceptance --but you must find one that is "friendly"to a small business like yours. There is really no way of saying which is best---without knowing what sort of figures you plan to offer....You may be better off with Paypal or similar. A lot of people will not use credit cards on-line..because of the fear of theft...and rightly so---because you are even stating that you are only going to use this service on-line. That is theft waiting to happen .....because of chances of over billing..multi billing...re-incurring billing ..stolen cards...and many other issues that you will get charge backs for. ( in case you don't know that means YOU lose money !!! ) Without having a real store where buyers physically arrive with card ..and you slide said card...the costs will be astronomical in cost...because the credit card companies will understand this risk...and charge you accordingly. So as soon as you tell the on-line business--they will run from you--or charge you !!! I highly suggest PAYPAL--they aren't the cheapest...but your customers will be able to pay without fear of theft from on-line predators.
How do payment gateways, merchant accounts and credit card payments work from a technical perspective?
There are basically 6 parties involved in a card transaction over a payment gatewayThe merchant websitePayment gatewayThe payment processorCard issuing comapanies(Visa/Mastercard)Issuing bank(Buyer’s bank)Acquiring bank (Merchant’s account)Below is the process flow of how it all workspayment gateway->payment processor -> card companies-> issuer bank-> payment processor-> payment gatewayThe customer buys a product on merchant website and proceeds for payment by entering the card details over a payment gateway(payment gateway acts similar to the POS machine).The payment gateway tokenizes the information and securely transfers your card information to the payment processor .The payment gateway is PCI-DSS compliantThe payment processor queries the card companies (Visa/mastercard etc)for authorizationAfter getting the authorization from access control server of the card company, the payment processor sends the data to issuer’s bank to check for balance availability and transfer of moneyThe information is passed on to payment processor of a valid transactionThe successful transaction message is then passed on to payment gatewayThe merchant bank submits all the authorized transactions to the issuer bank in a batch to complete the settlement process
How do I get a merchant account?
Basically, the process of getting a merchant account can be divided into several steps. Let me explain each of them in more detail.Choose credit card brands. This is the point you should begin with. Analyse what credit card brands are most important to you based on what credit cards your customers and prospects use.Choose a payment model. Based on the type of services / products you offer, find out which payment model - be it one-time payment or recurring billing - fits your needs best.Analyse customer turnover. It’s no news that the rates established by a financial institution depend strongly on the overall turnover of your business. Thus, be ready to provide banks with all the paperwork displaying your card turnover and financial state within the last years or so.Start looking for a local bank. Local banks offer the best rates and traffic performance, that’s why I recommend choosing this option. If your business is international, finding a local bank in each and every country your customers live in is not an option. In the case, we recommend using the assistance of Payment Service Providers (PSP) - they often have it all covered.Comb through your website. Check terms & conditions of credit card brands you will cooperate with, and make sure your website complies with the requirements of Visa / MasterCard / any other service provider.Gather all the needed papers. Gather all the necessary documentation (a detailed list of all your future business activities, a voided check for the checking account, tax returns, etc.) and submit it to the local bank.Submit an application. When all the above steps are left behind, you can finally fill out the application form and submit it.To learn more about the process of getting a merchant account, as well as some risks and difficulties associated with it, check out our article ‘How to Create a Merchant Account’ telling about it in more detail.I hope I helped. Good luck!
How do I identify who is using a merchant account for fraudulent credit card trx?
FBI, Secret Service and all good forces should manage this fraudulent merchant from the dark side of the galaxy, just contacting the international franchises (Visa, MasterCard, Amex. JCB) to identify the acquirer presenting this transacions to interchange (normally there exist an acquirer BIN to do this).This acquirer should "shut down" (read: disaffiliation process) this merchant immediately according to evidence found.