Credit card merchant accounts??

[Marcus Aurelius]

How many of you have a merchant account and do online credit card processing, who did you use, and how complicated and costly was the setup. I'm looking at several companies but im new to the online processing game. any help anyone could offer in this respect would be greatly appreciated. Thanks in advance for your time.

[Easton]

i would like some info on the very same subject... so i'm gonna park my ass here too

[MattO]

There a lot of variables when it comes to rates, setup fees, and all that. Volume, history, risk rating are main factors involved.

edit to add a little:
sometimes it takes longer to set someone up when they send in paperwork that isn't complete, or filled our wrong, simple shit like that slows everything down, you'd be suprised how difficult it can be to get someone to follow directions. Get all that going correct and things can happen smooth and quick.. just coming from what I see on my end of it.


wassup Easton

[herbal logic]

if youre just starting, contact netbilling, they can help im sure and have been around for a long time.

[herbal logic]

also, to get an account directly through a bank is much harder now, usually 100k/mo required volume. Its ok to pay a few extra points to get established, after that getting accounts directly is much easier.

[Easton]

Originally posted by MattO
wassup Easton

hey bro

[MattO]

Originally posted by herbal logic
also, to get an account directly through a bank is much harder now, usually 100k/mo required volume. Its ok to pay a few extra points to get established, after that getting accounts directly is much easier.

yea that's usually true.. sure I can get people an account that are doing lower volume but they'll end up having a higher rate until they ramp their volume up. Which can work for someone who's looking for a backup account which they don't want to pour a lot into at first.

[Marcus Aurelius]

okay but heres the thing im not getting. if your a new online business whos starting with zero customers, opening day, just beginning. then with no volume how will you get approved for a merchant account? And without a way to process these transactions, how can you be expected to build volume. almost all the sites i've seen ask your current volume, but if the number is zero and you are a new business, how do you get established?

[jade_dragon]

I will see if i can find the listing i had of processors and their rates/fees. It was a pain in the ass for me because we needed a physical goods processor who allowed adult novelty and we did not want to pay for it, spent a day calling banks and emailing processors

Funny story: All the women act really giddy when you say adult novelty ESPECIALLY on the west coast. But the best was when I had this convo with a guy at Wells Fargo:




"Hello this is Johnathan how can I help you" (enthusiastic voice)

"yeah I am looking for a processor to handle my tangible goods ecommerce business sales"

"excellent we can do that, what kind of goods"

"adult novelty" (cross my fingers at this point that they will accept and have a good rate)

"sure we can do that" (now using very excited voice)

"what are your percentages and fees"

"they are blah blah blah blah blah blah"

"now what kinda products are you selling again"

"adult novelty"

"like what"

"like adult novelty" (starting to wonder at this point)

"like what specifically"

"You know (pause trying to think of how not to shock this guy) "vibrators, lube, dildos"

(akward silence and the sound of him breathing)

"No we do not do that, SORRY we can not help you" (in what I can only say was a hurt and then upset voice)

"ok thanks then" (trying to make the poor guys pain go away by being nice)

"yeah ok have a nice day" (sounding like i just told him the relationship was over)

I guess this guy was out in Utah or something, wish I had it recorded!

[herbal logic]

Originally posted by mdcq
okay but heres the thing im not getting. if your a new online business whos starting with zero customers, opening day, just beginning. then with no volume how will you get approved for a merchant account? And without a way to process these transactions, how can you be expected to build volume. almost all the sites i've seen ask your current volume, but if the number is zero and you are a new business, how do you get established?

you will basically submit your tax returns and financial info. A good start is at least having a corp, but you should put together a P&L statement and have a balance sheet etc. Also be prepared for someone to come inspect your place of business. Its ok to work from home. Getting an account your first time could be like a 3 month process. Its kinda like getting audited by the IRS. If you go through a 3rd party like netbilling, they can help you through the mess.

It is a worthwhile process to go through. Once behind you you will have a processing history which makes life easier in the long run.

[Marcus Aurelius]

Originally posted by herbal logic
you will basically submit your tax returns and financial info. A good start is at least having a corp, but you should put together a P&L statement and have a balance sheet etc. Also be prepared for someone to come inspect your place of business. Its ok to work from home. Getting an account your first time could be like a 3 month process. Its kinda like getting audited by the IRS. If you go through a 3rd party like netbilling, they can help you through the mess.

It is a worthwhile process to go through. Once behind you you will have a processing history which makes life easier in the long run.

That sounds like a big fucking ordeal, not that im not prepared to do it, but Its hard to believe that every mom and pop website on the internet has gone through that just to get a merchant account. New single girl sites popping up on the daily accepting credit cards, it seems that some have it easier than others I guess. And how exactly do you do a P&L report on a business that hasnt seen day one yet? and if your profit is based off internet traffic there is no way to guesstimate it. I do appreciate the info though and I thank you for it.

[MattO]

Originally posted by herbal logic
you will basically submit your tax returns and financial info. A good start is at least having a corp, but you should put together a P&L statement and have a balance sheet etc. Also be prepared for someone to come inspect your place of business. Its ok to work from home. Getting an account your first time could be like a 3 month process. Its kinda like getting audited by the IRS. If you go through a 3rd party like netbilling, they can help you through the mess.

It is a worthwhile process to go through. Once behind you you will have a processing history which makes life easier in the long run.

Good info. I've helped people with a new company before, and what you've listed is a good idea of what to expect to provide. What often helps us is a well written business plan, our banks like that.

[Veterans Day]

are you looking to process paysite members? If so look at 100k monthly or offshore. If your looking to sell tangible items either mainstream or adult. its really simple. 250 bucks max to get a merchant account, then just use netbillings flat 45 cents per transaction to start with. Really easy

[Marcus Aurelius]

no not looking to process paysite members. Im looking to facilitate monthly billing of accumulated usage fees from a semi adult/mainstream site. Not selling any product, its more like per usage fees for an online service.

[herbal logic]

Originally posted by mdcq
That sounds like a big fucking ordeal, not that im not prepared to do it, but Its hard to believe that every mom and pop website on the internet has gone through that just to get a merchant account. New single girl sites popping up on the daily accepting credit cards, it seems that some have it easier than others I guess. And how exactly do you do a P&L report on a business that hasnt seen day one yet? and if your profit is based off internet traffic there is no way to guesstimate it. I do appreciate the info though and I thank you for it.

think positively, your individual tax returns should suffice. Its really a good step to take. Worst case is they'll limit your account at first to like 10k a month. In reality, if you go over they're not going to say no.

Getting a merchant account is an integral part of building a business. Might as well get all the annoying bullshit out of the way. Just find someone who is willing to help you.

It is an ordeal, like it is an ordeal to get a mortgage, buying a car, being self employed, Or having shitty credit over some $800 mistake you made in college.

[Marcus Aurelius]

Originally posted by herbal logic
think positively, your individual tax returns should suffice. Its really a good step to take. Worst case is they'll limit your account at first to like 10k a month. In reality, if you go over they're not going to say no.

Getting a merchant account is an integral part of building a business. Might as well get all the annoying bullshit out of the way. Just find someone who is willing to help you.

It is an ordeal, like it is an ordeal to get a mortgage, buying a car, being self employed, Or having shitty credit over some $800 mistake you made in college.

I understand where your coming from. im at the point with my new venture where failure is not an option and I'll endure whatever I have to, but im just looking for the least painful route and im trying to get all the info I can and I really appreciate your advice. thanks again.

[Veterans Day]

Originally posted by mdcq
no not looking to process paysite members. Im looking to facilitate monthly billing of accumulated usage fees from a semi adult/mainstream site. Not selling any product, its more like per usage fees for an online service.

you need to be more specific, merchant account are really simple if your not doing paysite type of billing. You cant sell a book and provide access to your paysite. If you know what I am sayin

[Veterans Day]

Originally posted by herbal logic


It is an ordeal, like it is an ordeal to get a mortgage, buying a car, being self employed, Or having shitty credit over some $800 mistake you made in college.

a merchant account is wayyyy easier than anything you have listed above. I got mine in 3 days for 200 bukcs. SIMPLE

[herbal logic]

Originally posted by Veterans Day
a merchant account is wayyyy easier than anything you have listed above. I got mine in 3 days for 200 bukcs. SIMPLE

with who?

[Marcus Aurelius]

Originally posted by Veterans Day
you need to be more specific, merchant account are really simple if your not doing paysite type of billing. You cant sell a book and provide access to your paysite. If you know what I am sayin

I know what your saying. i cant go into specifics here but its not gonna be that way. its one service we offer, has nothing to do with a product you can hold in your hand,. and its not a paysite.

[Veterans Day]

Originally posted by herbal logic
with who?

http://www.freeauthnet.com/ 45 minutes away from me, did it online and was rolling that week. process through netbilling. SIMPLE

[Veterans Day]

Originally posted by mdcq
I know what your saying. i cant go into specifics here but its not gonna be that way. its one service we offer, has nothing to do with a product you can hold in your hand,. and its not a paysite.

is it adult? If so and its NOT tangible its more than likely require you to do volume. Good luck

[Marcus Aurelius]

Originally posted by Veterans Day
is it adult? If so and its NOT tangible its more than likely require you to do volume. Good luck

Thanks for your help. I'll look into your merchant recommendations.

[Easton]

Originally posted by Veterans Day
http://www.freeauthnet.com/ 45 minutes away from me, did it online and was rolling that week. process through netbilling. SIMPLE

freeauthnet will open adult merchant accounts???

[Veterans Day]

Originally posted by Easton
freeauthnet will open adult merchant accounts???

tangibles, but I know the guy well so maybe it had something to do with it. Just hit google for free merchant accounts or go to authorizenet's reseller page. Just stay away from netbillings recommendations

[ace0r]

Originally posted by Veterans Day
http://www.freeauthnet.com/ 45 minutes away from me, did it online and was rolling that week. process through netbilling. SIMPLE

they're out of westmont right?

[JulianSosa]

Originally posted by Easton
freeauthnet will open adult merchant accounts???

Authorize.net will not process any adult

[Veterans Day]

Originally posted by JulianSosa
Authorize.net will not process any adult

not the same, and a TON of merchants will do adult tangibles. Authorizenet changed owners and made that new policy

[Easton]

ok thanks for the info

[Zprogramz]

Originally posted by herbal logic
if youre just starting, contact netbilling, they can help im sure and have been around for a long time.

I agree with Herbal logic, go with Netbilling. They have setup several accounts for us and have the best system and support we have ever experienced. We use CCbill as a backup.

Z

[Zprogramz]

Originally posted by JulianSosa
Authorize.net will not process any adult

And besides that, their gateway is crap.

Z

[NETbilling]

Thanks for the plugs guys.

MDCQ & Easton - we can get you setup. Please contact our Sales Department.

Thank you, Mitch Farber

[Marcus Aurelius]

Originally posted by netbilling
Thanks for the plugs guys.

MDCQ & Easton - we can get you setup. Please contact our Sales Department.

Thank you, Mitch Farber

I'm definitely looking your direction. Im getting all my ducks in a row as we speak. the business im starting is gonna take around 15k for the first month and we are still pulling investors at the moment. as soon as everything is in place you will be first on my list.