I've heard that a bunch of adult merchants are losing their accounts with Card Service Intl. Has anybody heard about that - what's going on with them?
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We have received quite a few calls from adult webmasters who received letters via Fed Ex in the last couple of days notifying them that CSI will stop processing adult in late June. -
Originally posted by MarkIBill
We have received quite a few calls from adult webmasters who received letters via Fed Ex in the last couple of days notifying them that CSI will stop processing adult in late June.
huh, no kidding. Is it related to the banks that pull pills accounts away from PaySystems? Seems weird that CSI would randomly drop valuable accounts.Comment
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bump
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I have had a couple of clients in the past few days tell me their account has been closed
~Kacy
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That's pretty crazy. If your clients are still in need of an account, I can set them up with a new one. I can be contacted on ICQ at 309485289 if someone wants info.Originally posted by kacy
I have had a couple of clients in the past few days tell me their account has been closed
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Few scary things coming down the pipes from Visa and Mastercard again it seems.
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CSI has announced that they will be closing all adult processing account effective June 27th. This affects anyone processing through FDMS as well, seeing FDMS is the sole owner of CSI since last year.
I am being flooded with calls this week seeing Humboldt Merchant Services is still setting up adult accounts. If you meet the following, call or email me (I willbe traveling the remainder of this week and will not have access to email, but feel free to call or I will respond to you email when I return):
to qualify for an account you must - -
-be processing for 2 years
-process $100,000 a month or more currently
-have chargebacks under 1%
Step one is to verify your processing volume and CB %. Please fax 3 months statements from CSI to me directly (see number below).
Rates and Fees
Discount Rate - qualified 2.40% (additional 1.60% Non Qualified surcharge on Visa transactions)
Transaction Fee $0.30 (includes AVS)
Monthly Statement Fee $10.00
Monthly Gateway fees - depends on gateway being used - call for details
start-up - $2690 (includes V/MC High Risk Registration and all necessary merchant account set-up fees)
Again, HMS is currently taking on adult accounts if you meet the above criteria...
Contact me directly..
Steve Kimberling, AVP
Humboldt Merchant Services
direct 877-635-3339
fax 707-444-7830 or 707-268-5106
email: [email protected]Comment
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What I want to know is how can a new company be expected to reach $100,000 a month in sales or have been processing for 2 years when they can't get a merchant account. Are companies effectively barring new companies?
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Third party processors will take new adult accounts all day long. If someone can show me 3rd party processing at $100K and CB's under 1% we are good to go...Originally posted by tootie
What I want to know is how can a new company be expected to reach $100,000 a month in sales or have been processing for 2 years when they can't get a merchant account. Are companies effectively barring new companies?
Steve Kimberling, AVP
Humboldt Merchant ServicesComment
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Volume does effect whether or not you can get an account. It effects your rates. you can be processing less than 10k per month and still get an account - you'll just be stiffed on the numbers until the volume goes upOriginally posted by tootie
What I want to know is how can a new company be expected to reach $100,000 a month in sales or have been processing for 2 years when they can't get a merchant account. Are companies effectively barring new companies?Comment
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Sorry, quick editOriginally posted by Mogulman
Volume does effect whether or not you can get an account. It effects your rates. you can be processing less than 10k per month and still get an account - you'll just be stiffed on the numbers until the volume goes up
Volume DOES NOT effect...Comment
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Not true, sorry.Originally posted by Mogulman
Sorry, quick edit
Volume DOES NOT effect...
Banks are more than able to qualify new accounts on volume, in order to make it worth their time handling the accounts.Comment
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For those of you offering merchant accounts there are some people on the Amateur Masters board in need
http://amateurmasters.com~KacyComment
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Yep here is the letter, have to wait 10 months to get my 23k reserve back, talk about getting fucked without a reach around
[IMG]http://********************/Picture.jpg[/IMG]Comment
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They're holding it all til they get to the reserve point they want? That would piss me off more than the 180 days to get it back.Comment
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What a bummer! That's good for third party processors like CCbill I guess.Ed
Skype ID: eds_adult_network
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I never gave them all I spread it across CCbill, Epoch and Ibill, never trust a credit card company
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True, you're excused. Volume does not effect the ability to obtain a merchant account. Volume effects the rates you qualify for. Some providers may not waste time with you if you're doing a small volume, but I assure all of you that a person doing 5k/month can get an account just as quickly as a someone doing 100k/month - you're just going to pay through the nose on your rates.Originally posted by Kimmykim
Not true, sorry.
Banks are more than able to qualify new accounts on volume, in order to make it worth their time handling the accounts.Comment
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We can bill 100k not a problem, but no way in hell will I run it all with one bank/processor.Comment
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