Wow..who knew credit card processing pays$$$$

you're like the smartest person here

15%? Try 1.5-6% and visa/mastercard and others get part of that. 6% would be considered very high risk. If you're paying more than that you're getting robbed. Casino's doing business in places where they shouldn't be might be paying that. But you see what happens there with recent events.

But there is good money in processing. One guy even made a movie about his high roller life with the money he made.

As the old saying goes. The easiest way to rob a bank is to own one.

bankars made their lifes perfect

There is another way you can save those fees from you hard work, which is create your own credit card processors.

You make it sound as if it costs nothing for them to do business when the complete opposite is true. Not saying some don't take a bit more of a cut than others, but it for sure isn't free or a cheap business to simply walk into and open and it has a ton of regulations from visa, banks, states, regions, per-country, taxes and legal, privacy and security concerns all over the World.

If you are talking about 3rd party processors that handle:

*hosting your join form
*PCI compliance
*fraud detection
*customer service 24/7
*compliance with visa and mastercard rules
*affiliate program back-end
*affiliate payouts
*hosting
*trusted namebrand for billing
*assuming risk for your marketing and billing practices, your content and your website
*transaction fees
*gateway fees
*chargeback fines and refund fees

Then go ahead and try to do all of that for 15% or less. Chances are you will need a fairly large scale operation to justify bringing all of that in-house. (or maybe you just don't need all of it) But for smaller operations who would rather not worry about wrangling all or most of the above, 15% is not excessive, many are doing just fine paying that.

Shit! Up until now I though card processors did everything for free.

like others have said, it's not as easy as it sounds, but you are right, once everything is setup it's certainly a nice cash cow...

Online since 2006 and you only NOW had an epiphany? Probably should stick to taking dicks and leave thinking to someone else ha

It is good money,but very hard to make it work.

How about if there was a universal new approach to "Payment Processing" that would give merchants and webmasters the oversight, and autonomy over all of their own transactions.

I see it like this... if payments were not done with "credit Cards" and were done with something like "cash" cards which could be a prepaid card with visa log on it...that in it of itself may significantly reduce credit card fraud by 80% as well as protect webmasters, and merchants from all of the following....

1. Invalid denials - declined transaction where customer has funds n his/her card and cannot transact because of "billing companies" choice to decline transaction

2.Loss of goods and services - when billing company does not consult you the merchant and issues refund after refund for the most trivial of reasons, you the webmaster will now have the POWER to decide if a refund is issued...no more unsubstantiated or unverifed refunds!

3.Potentially a surge in signups/revenue because more people would embrace an anonymous disposal "cash Card" and would not be afraid to use their "cash cards" because of these very concerns of credit card FRAUD.

4.Fewer if any would be calling up to say "someone stole my credit card number" and used it to buy a membership on your site!

5. Suspicions and doubts about declining sales would be eliminated because your customer would never have to leave your site to travel to another server to submit their personal credit card details

6. Someone in a foreign country would not get rejected because of bank error, bank decline,"do not process for your banks bin, a whole lot of these "approval" issues would disappear overnight!

7.Bottom line, if another system that is not for profit could be developed that would give us all oversight and peace of mind, along with providing customers with anonymity and fast access to your members area it would be win/win for us merchants and our customers and lose lose for billing companies

8. No need for a "rolling reserve" which is just a fancy creative, and deceptive way of saying "let me shave a few more dollars off of you silly merchant, and sit those funds in a secure account...and invest those funds in the market....yeah let me make more money off of your money, and not pay or credit you with the rewards! Simple as that.

9.The list goes on, and I am not suggesting I have it figured out entirely, but I keep thinking about pros and cons and how much better things could be for customers and webmasters alike.

Good luck with your processing company

While reading this thread I heard a couple of my braincells escaping screaming "NOOOoooo!!!!".

Agreed

LOL. Start one yourself and stop your bitching.

I think you are missing the main reasons why we use credit cards.

1) people have them
2) you can rebill on them

All of those negatives you listed exist for very good reasons that go deeper than what you seem to realize and a different kind of card or payment system is not going to answer the underlying problems.

if it was so easy... everyone would be doin it

Exactly, its not like they are doing nothing for the commission. Also, most companies making 150million a year, wouldnt be paying 15% neither.

FYI if your doing 500k of processing year you should get your own merchant account. especially if your site has low charge bank ratios. More than just the money you save for your bottomline you also own the data on those credit card numbers so for example IBILL stops processing you end up losing all your rebills.

let me add you could use the 3rd party processor as your backup processor and or for x-sales.

LOL

Quoted for the fucking truth

I think we all know who this is a dig at here

If you're not happy, move!!!

Owning the data is always good but that doesn't mean another bank will take your data. Even clean companies have a problem getting banks to take large volumes of rebills as it tosses high risk vs normal transactions ratios off at the bank level.

As well, a merchant doesn't mean a Company will save money either. Gateways nickel and dime you to death along with the bank, often charge for fraud screening, require 24/7 support or charge you for it, and so on.

For me the Merchant account bonus is the scrub factors... If you're willing to watch it, learn it and test things - you can greatly increase your sales without killing yourself.

You can get in on the action by selling processing. It's very competitive at street level where the merchant pays 1% to 3% for most transactions. As a salesrep for a processor you get a piece of that 1% to 3%.

If you sign up a car dealer with $1,000,000 moving thru their account every month, 2% of that is $20,000. As a sales rep you get a portion of that.

The amount of clueless people in adult is mind boggling. Simply insane.

Thanks for reading with comprehension, simply wanted to hear from a processing company about how to get in on the "processing action" The point was "processing payments" seems to be where the smart money is...

webmasters and merchants may win,lose,or break even..."payment processors" win,win,win,win, even when they just "might" be losing...they still win.

Trying to get an adult webmaster to consider another concept in "payment processing" that could potentially be better for him/her in the long run is like trying to convince some people that if you alter the design specs of your automobile engine you could actually run your automobile on water...

virtually limitless water mileage, limitless travel opportunity,better for the planet,better for the economy,better on every front... for a small one time investment in the technology!

But like every other fast thinking and faster speaking webmaster..."run my car on water...oh no...what would happen to the 4.00 a gallon gas stations...where would I buy cigarettes and lottery tickets if I switch over to a water powered engine"

"where would I get membership approvals without a billing company...How would I be able to continue to give thousands of dollars worth of transactions back to customers in the form of refunds?

Whether you understand this or not business is in fact war. The first casualty of any war is truth...that is why when they come to you asking for your business they don't say..

"I am Ted Jenkins with Billing company A.... Would you be interested in having my company convert your sales into loans and sell them back to you at a rate of 15%"

No the approach is slightly different..."Allow us to handle all of your processing needs...We have a variety of services to offer you to help you grow your business and we are the best in the biz at doing just that"

There is a board for people who want to get into processing. Step by step info on how to do it.

But I'm not allowed to list other boards here, sorry.

you can link to other boards for informational purposes now.

Who would ever pay 15%?

Are u serious :D

Yepp, the rule clearly state that you're not allowed to link to other boards with the intention of stealing members from GFY. It doesn't say that you can't link to other board for information or similar. Otherwise Youtube clips would be banned, because it's a form of video board, with memberships, which could potentially steal GFY members, but Youtube videos are ok.

I've linked to a few boards myself and seen others do it too.

Holy Christ, I hope you're content

Seems like it...

You obviously are very well versed in all aspects of billing, banking, etc...






.