Quote:
Originally posted by FloridaKid
Willow,
If you want two million dollar a month accounts with any merchant bank you will need:
GOOD CREDIT
If you want to run to the hills with the money......FAT CHANCE...you'll be caught before you started. Most merchant banks willwithold deposits for 7 days but will still drop ACH transfers every 24 hours...just a seven day delay.
And if your credit sux...they'll simply withold a large% until it reaches a certain ammount. If you want 500k a month on questionable credit...FAT CHANCE. but if you want 30k a month that builds into 500k you can easily do this.
As is life...you must prove you can process on your own before they open up the floodgates.
say you have 30k a month limit but you exceed it. AS soon as you hit anything over 30k, you call your merchant bank tell them whats up and they extend your limit.
Whenever there is a large ammount of money at stake...no one will blindly give it to you. Every single rip off red flag will go up before you see a dime of the money
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30k is only 750 $40 tickets a month. If that's all you process then once again you're still better off 3rd party because you'll be spending most of it in admin and fees. If you don't then great, but most of the people here who had merchant accounts now use 3rd party because it's just cheaper and easier.
Unfortunately I've had a lot of experience seeing people lose merchant accounts. You don't go over your 30k and ask the bank for more. If you go over and they don't feel like extending you more, they consider you in violation of your limit agreement and hold the whole damn lot for as long as they feel like until they think it's safe. I've seen so many webmasters have their funds held 100% for six months it's damn scary.
You have no flexibility to grow. What do you do stop when you get to 750? Piss of other customers or can't complete your rebilling until the 1st of next month? Nasty.
It's all about being able to sleep at night. Netbilling say they're a dose of NyQuil, I think they're a dose of flu for adult processing.
My
You pays yours, you takes your choice.