credit card merchant
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3rd Party Merchant Account Processors
In order to accept credit card payments online, you need a account. You also need to integrate your shopping cart software with your payment gateway and respond to customer inquiries. Doing all this is sometimes easier said than done, especially if you're a small, startup business. If you're having trouble acquiring a account or setting up a system for accepting credit cards on your site, consider third-party processors. They offer a shortcut to accepting credit cards.
The primary benefits of 3rd party payment services:
1. Easy to get started
2. Can handle most credit cards, checks, and debit cards
3. No monthly fees other than transaction / order related fees
4. Detailed records are usually available online
The 3rd party payment processor is not a account provider. In fact, the 3rd party payment processor needs to pay a account provider for the items sold via their interface. Their rates then need to include their cost plus an amount that will may their business profitable.
Here are the most important things you should consider when searching for the right 3rd party credit card processor...
Setup fee - a fee that is charged to activate your acccount.
Transaction fee - a fee charged for each credit card transaction completed.
Reserve - many credit card processors temporarily hold 5-10% of your profits to use against future returns or chargebacks.
Ordering alternatives - some free accounts allow you to collect payments via online checks, over the phone, by fax or mail.
Restrictions and limitations - do they handle only tangible goods, services or software? Is there a minimum and a maximum price that you can set for your product or service?
The third-party processor takes care of the entire purchasing process. This includes shopping cart, credit card authorization, customer service and billing inquiries. When customers are ready to buy, they click on a link on your site and are taken to a secure order form on the third-party server. This is where they place their order and have it confirmed. You are notified, usually by e-mail, that a transaction has been processed. Your only responsibility is to ship the order. Some processors handle returns.
Because they manage all aspects of transaction processing, third-party processors allow small-business owners to save money on administration and customer service. You don't need to manually verify transactions or respond to billing questions.Moreover, most processors provide sophisticated online interfaces whereby you can review transaction information any time of day.
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