Quote:
Originally Posted by beaner
I've been dabbling in direct processing for 3 years now. The more I learn, the more I tell myself why go through all these outside services to simply collect some cash?
If I want to charge subscriptions to sites, do I really need a gateway like authorize.net to handle all of that? I'm just collecting cards, storing securely, passing to bank for approval, and then if recurring, handling that as well.
That is what i'm working on now... it's not for everyone and may seem complicated. I'm not sure, time will tell. But, my point is, lots of options out there.
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Beaner,
If I understand your statement correctly here, you want to become your own payment gateway?
I am sure you realize, to get a relationship with Visa and MasterCard you need to become a Member Service Provider (MSP) and Independent Sales Organization (ISO).
This costs about $10,000+ up front and then $5,000+ a year if you are approved. A background check and review is involved. This is done by your sponsoring bank, which you also have to find.
Then you have to become PCI DSS compliant (costs vary)
You have to get certified by the processing networks
You have to store the data for many years
Some other things, although minor, need to be taken into consideration. SSL - ECI Compliance, and anti fraud tools.
Probably not as easy as one might think!
