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I am thinking of accepting credit cards for my business. How do I go about unraveling all the confusion?

admin — Sun, 08 May 2011 03:29:26 +0000

I have google merchant accounts but everyone has different rates. I just want to make sure I don’t get screwed over.

How to make StormPay like service , accepting payment and transferring money?

admin — Wed, 04 May 2011 15:31:51 +0000

Of course it will be 1/10000 of services StormPay provides , but if I wanted to offer my website members the ability to add funds using their credit cards to their accounts , and then use it to transfer money to their friends or shopping in affiliated websites ( with mine ) ,, do I need a merchant account , payment gateway or what exactly ,,, sorry I’m not familiar with such issues.

Best merchant account for accepting CC payments online?

admin — Tue, 22 Feb 2011 15:29:38 +0000

I would like to add online credit card processing to my website. Which bank is the best for this?

The service shouldn’t be too expensive, and the transaction fees should be reasonable.

Thanks.

Which merchant account is good for accepting credit card payments for vacation home rental?

admin — Sun, 30 Jan 2011 15:29:33 +0000

Hi I own a vacation home and would like to accept credit card payments for the renters when they pay me. I think the best way to go is by using an online system? or is it better to use a manual system.

Which merchant would I use? any suggestions please!!!!

Does accepting credit cards affect the bottom line? What is credit card processing? In simple words, “credit card processing is the act of converting raw … An article from: Franchising World

admin — Mon, 19 Jul 2010 22:08:01 +0000

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Does accepting credit cards affect the bottom line? What is credit card processing? In simple words, “credit card processing is the act of converting raw … An article from: Franchising World

Merchant Account Chargebacks: the Cost of Accepting Credit Cards

admin — Thu, 21 Jan 2010 20:33:05 +0000

Merchant accounts enable you, the merchant, to accept credit cards, debit cards, gift cards, electronic checks, EBT cards, and other electronic payments. It is proven that accepting credit cards can increase your sales by 40 to 50%. Having a merchant account is a necessity for any credible business.

Although credit card acceptance can boost your business, you need to be aware of the costs associated with having a merchant account. One such cost is a chargebacks which is when a credit card processor charges you the cost of crediting a customer’s account for a questioned transaction.

A chargeback occurs when your customer has called the credit card company and disputed an item on their bill. The bank that issued their credit card is required by law to resolve the matter for the customer. Their credit card company or credit card issuing bank is then supposed to investigate the transaction. But because of the high cost to conduct a thorough investigation, most disputes are decided in favor of the customer.

A chargeback can also be initiated by a credit card issuing bank. These chargebacks require no investigation by the bank and are the result of processing or authorization issues.

Therefore, the costs and responsibilities associated with chargebacks are pass-down to the merchant. The average cost of a chargeback to the merchant exceeds $50. This accounts for more than 0.2% of total sales receipts. These are significant numbers and a burden for a business of any size.

The total cost of chargebacks is an enormous problem merchants must face. As always, it is up to the merchant to develop solutions, procedures, and policies that will help them combat and reduce chargebacks and their associated costs.