I have been used to Billpoint, and accepting credit card purchases. Now I am exclusively PayPal (with Billpoint gone).
The problem is that my buyers are limited to $2000 total credit card purchases; after that they have to submit banking information to become PayPal confirmed. This is a real inconvenience for them -- and also means they can't make initial/one-time purchases over $2000 until they do so. In some cases, these are businesses or government agencies who refuse to provide this banking info.
Does a similar requirement exist with Yahoo's PayDirect? I am looking for an easy way to accept credit card payments; is this possible, or am I heading for actually getting a merchant account??
posted on August 8, 2003 09:44:06 AM new
>>
The problem is that my buyers are limited to $2000 total credit card purchases; after that they have to submit banking information to become PayPal confirmed. This is a real inconvenience for them <<
There are several services that make it convenient for buyers to send you unlimited credit card payments without providing any banking information. Of course they also make it convenient to use stolen credit cards and you never get the money. You can't have it both ways. On a large transaction, Paypal needs to protect itself and you.
But if you are doing such large transactions then yes, you should get your own merchant account. It will be cheaper and safer than paypal. You can read
http://www.ccs-digital.com/merchantact.asp for an article about what to look for and what questions to ask.
posted on August 9, 2003 10:27:11 PM new
These payments for goods are all from established repeat customers I know personally. I simply need a relatively inexpensive way for them to pay me via credit card. The service must be easy to use for them.
posted on August 10, 2003 10:07:16 AM new
Yes PayPal does limit buyers to $2,000.00 limits unless they verify a bank account, or use the PayPal VISA. You'll find other services operate with limits also. BillPoint allowed no limit for buyers but a seller had a limit of $500 or $2,000 (depending on your rate) maximum transaction. BillPoint operated in the red and went out of business so you can't point to them as a valid business model for others to follow. You'll find that other services such a Yahoo Paydirect, ProPay, CCNow, also have limits.
PayPal is extremely competitive, make no mistake about that. You only need to look on eBay at some very high volume sellers for evidence of that. Here's a Merchant account comparison chart that should give you some information. Make a few calls to some of them to find out the rate you'd actually qualify for and then you'll understand why PayPal has the business it has.
posted on August 10, 2003 01:20:51 PM new
propay invoice should be easy to use and it asks for the CVV code.
it sounds like you should really have a merchant account .
-sig file -------They may have ginsu knife,but we have DING KING!!!!
posted on August 10, 2003 02:01:09 PM new propay invoice should be easy to use...
ProPay is a fine service, they aren't real expensive but they cost much more than Paypal. They've been around a long time and they operate to minimize their risks. BUT you will find yourself very limited at first. If limits are an issue with you then ProPay has some disadvantages. They aren't going to give you much of a limit unless you are prepared to have a rolling reserve. Here's some info on their limits.
In general, we consider processing limit increases according to the list below.
* $250.00 single transaction and $1,000.00 per month. (Default - no funds required in Reserve) * $300.00 single transaction and $2,000.00 per month. (Requires at least $250.00 in Reserve) * $500.00 single transaction and $3,000.00 per month. (Requires at least $500.00 in Reserve)
For limits other than these amounts, reserve is calculated as 20% of your desired monthly processing limit plus five times your average transaction amount. So, for a $5,000.00 monthly processing limit with an average transaction amount of $100.00, you would need a reserve of $1,500.00.
posted on August 10, 2003 03:44:46 PM new
propay also does not allow any intl transactions.rate is 3.5 % and 35 cents transaction fee.
so shop around for a merchant account,you can get one with 25 cents transaction fee,2.2% discount fee,9.95 monthly statement fee.
there is a 25 DOLLARS minimum per month discount fee.
dont forget there is transaction fee for address verification,and fee for batching.
also chargeback fee anywhere from 15-50 dollars.
deposit time takes anywhere from 2-7 days.
-sig file -------They may have ginsu knife,but we have DING KING!!!!
posted on August 10, 2003 04:45:53 PM new
A $25 per month minimum is common, however, there are companies that do not have this requirement. More merchant account providers are realizing that there are Internet businessman out there who haven't reached the point where $25 a month is feasible but are getting there and the key to building a business is grabbing them early.
There is payquake, which has no monthly minimums. However they do charge 3.75% plus 50 cents and because of the way it is structured, you can wind up paying 4.75% plus $1. But with Payquake, as your business grows, you can move to the next tier where the rates are lower but the monthly minimum higher.
There are also full merchant accounts with only a $10 minimum. Do your shopping carefully. Also look into how long of a commitment you have to make and what they will charge you if you close your account early.
posted on August 12, 2003 05:38:23 AM new
cit2bank has made some changes to their internet system,take a look.
aol direct and yahoo direct are not as popular as paypal,and you are just adding another layer when it comes to chargeback and dispute.
-sig file -------They may have ginsu knife,but we have DING KING!!!!
posted on August 12, 2003 07:15:47 PM new
citi has some features which allow you to send foreign exchange,rate is not the best but just another alternative to keep in mind.also if you need to send your poor nephew in guatamala a draft,it can mail it to his address,fee is 10 dollars.
just another option to keep in mind/
i am not promoting one service over another,big boys and big girls should decide for themselves.
-sig file -------They may have ginsu knife,but we have DING KING!!!!
