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  1. #1
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    (2005) eCommerce Payment Solutions
    One of the things you may want to consider when looking for a merchant account is if they offer an integrated solution. What I mean by that is do they understand the unique requirements of online purchases. The Fraud protection security and the chargeback issues are just a few things you need to understand. Most bargain store merchant account providers just sell you on the lowest rate, then outsource you to a payment gateway like Authorize.net or Verisign. They don't understand the requirements and don't know how to assist you in setting up your account. Then forget about customer service, besides their gateways suck. We hear it all the time.

    Look for in a provider that understand the internet processing industry. Always make sure your gateway is set up with AVS and CVV2 fraud controls. Don't allow purchases to be made from a High Risk country and the most important is that your correct identifier and phone number appears on the customers statement.

    There are many other factors to consider. If you want to know specifics you can ask me. I have been in the Payment industry for over 10 years and our company is regarded in the industry as the internet experts.

    We also offer a great Affiliate program as well.

    Anna Solomon
    President
    Fast Transact, Inc.
    www.FastTransact.com

  2. #2
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    Thanks for the info. But to my mind itís not that easy (may be even impossible) to find the company that meets all the requirements.

  3. #3
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    You may want to check out our company or contact me directly, you'd be surprised to find out there is someone who can provide you with the services you are looking at and at a level of quality you need to be successful.

    www.fasttransact.com

    If you would like to ask me some question please PM me.

    Anna Solomon
    President
    Fast Transact

  4. #4
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    It looks very good. But unfortunately I failed to find any information as to the companyís coverage. Do you work in the Central and Eastern Europe?

  5. #5
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    I'm sorry Iren we work only with American Based businesses. A Central or Eastern European merchant must have a US Business license and bank account and settle in USD. This is a Banking regulation based on the high risk associated with that area for fraud.

    Anna

  6. #6
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    Hello everybody. I am new in this online payment industry. I would really like to get some answers to a couple of questions. Can you help me ?

  7. #7
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    Quote Originally Posted by Starlink
    I'm sorry Iren we work only with American Based businesses. A Central or Eastern European merchant must have a US Business license and bank account and settle in USD. This is a Banking regulation based on the high risk associated with that area for fraud.

    Anna
    Yes, thatís the biggest problem for me, as I need the company that runs in Europe.
    But thank you for the reply.
    Quote Originally Posted by JoseA
    Hello everybody. I am new in this online payment industry. I would really like to get some answers to a couple of questions. Can you help me?
    I'm not sure if I can help you as I am newbie here (but at least I will try ). But actually forums are used to help each other. So I think you will get the answers to all your questions

  8. #8
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    Jose,


    I would be more than happy to answer your questions. We have been in the industry for 10 years and have focused on internet payment processing. If you would like to know more about us and our company please check our website. www.fasttransactonline.com . We provide an integrated approach to online processing and do not set merchants up with several third party providers.

    If you have any questions either post them here or you can contact us directly

    Anna Solomon
    President
    Fast Transact
    www.FastTransact.com

  9. #9
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    Thank you Starlink but unfortunately I am also from Europe and I would like some info regarding the online payment services with coverage over Europe (not only Europe but hey will have to include Europe too). Being a newbie it will have to be the cheapest ones because my funds are very limited. Thank you.

  10. #10
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    Moneybookers look good, but they ask several documents of the clients when processing their credit cards; so it takes up to 2 days to process new clients. I understand that company must require some verification documents, but buyers prefer just to make the payment and get the products/services.

  11. #11
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    Jose

    I am not familiar with the credit card regulations in Europe, Pay Pal may have a program there but I can't help with a referral.
    As for your other statement, you need the cheapest because funds are limited. Before you choose who you want to go with let me give you some very important suggestion to consider.

    1. Don't just go by the lowest discount rate. Ask them what their mid qual and non qual rates are. Many "discount" providers offer a low qualified rate but then jack up the rate on the mid and non. They then only allow a small percentage to qualify at the low rate and milk you off of the back end.

    2. Make sure you have an identifier that will show up on the customers statement. Since some statements only offer 14 characters place your refund/customer service number first then the url or website name they purchased from so they know where that transaction is from. That way if there was a problem with the product or they don't remember what they bought they can get in touch with you and you can resolve the issue. Otherwise the customer will charge back the item and if your chargebacks get above a certain number or percent then the Bank can terminate your account and forget about ever getting a new one without a big fight. Make sure your return/refund policy is clearly stated on your website as well. Also include it on the invoice or shipping reciept.

    3. Just remember people are in this industry to make money. Make sure they discolse all of the fees and hidden costs they will ding you with. Before signing up with anyone call their customer service number to see how long you are on hold, if the person was friendly and helpful and knowledgeable.
    Ask for a copy/sample of a merchant statement that you will be recieving and ask them to go over it with you and explain what each line item means. Many are extremely confusing and done that way purposely to hide the hidden costs to you.

    4. A lot of these people make money by overcharging on ancillary products like equipment. We have seen some people being charged $5000 on a lease for a $300 piece of equipment.

    5. Ask for referrals and CALL them.

    6. Are they outsourcing the services. Find out who you are really doing business with and are they reputable. Ask for the processing bank that is underwriting the account. Call their number and ask for a reference on the provider/reseller that is offering you the account.

    7. Do your due diligence. Accepting credits cards is a priveledge and one you need to take very seriously. Educate yourself as much as you can. You are applying for a line of credit from a bank in a nutshell, and just like going for a loan at bank your credit and ability to handle the account will be assessed by the underwriting bank. Your discount rate and monthly processing volume will be assigned to you on these aspects.

    8. Speaking of monthly volume. If you are just starting out you may not be processing very much per month. Make sure you tell them your projected monthly volume in a year. If it is set too low, the bank will hold your money. Also when deciding on your average ticket, take your lowest item cost and your highest and find the average. Let say it is $50. How many of these items would you be selling at a given time. 5? Then put your average ticket down as $250. The bank will hold any transaction that varies too greatly from how your account is set up.

    9. Is your product high or low risk. Your discount rate will depend on it. If you sign an offer with the lowest discount rate but you have a high risk product the bank will automatically adjust for it. You have now signed a three year contract and you are paying through the nose.

    10. If whomever you are talking to cannot or refuses to educate you or assist you with these things look for someone else.

    Sorry about the length. Good luck. Even though we cannot provide the service for you in Europe if you would like to have us review your business and any offer you get before signing I would be happy to help you with that. (at no cost)


    Anna

  12. #12
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    Thank you for your help, I really appreciate your suggestions.
    And I also think that merchant must find out as much as possible about the company he is going to choose. As most people just sign up the account and hope things will work the way they want. And later they start complaining, although they could avoid mistakes if they read all the information concerning the companyís conditions.
    But I think Jose also would like to hear about the companies that cover Europe. Here are some of them: 2checkout, e-gold, ikobo, worldpay.

  13. #13
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    www.ikobo.com ....... anyone use it, is it any good?

    I tried joining epassporte but it just ignored me, told me to verify the charge on my credit card but there wasn't any charge on it. well doh ^^

    what interests me about both of these is the debit card, I'd like that very much!

    so what's up?

  14. #14
    ABW Founder Haiko de Poel, Jr.'s Avatar
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    JoseA,

    2CO and worldpay are very reputable.
    Continued Success,

    Haiko
    The secret of success is constancy of purpose ~ Disraeli

  15. #15
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    Thanks Anna. Your info was really helpful. Every newbie should read your wonderful post.

  16. #16
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    Quote Originally Posted by Haiko de Poel, Jr.
    JoseA,

    2CO and worldpay are very reputable.
    Thanks Haiko. I will check them out too although I heard they pretty expensive compared to paypal.

  17. #17
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    Quote Originally Posted by Haiko de Poel, Jr.
    JoseA,

    2CO and worldpay are very reputable.
    As for me worldpay has too high fees. And if you just step in the online business itís worth thinking about something cheaper. Unless youíre sure your business will be very profitable.

  18. #18
    Plazan Merchant Neil's Avatar
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    this is also an issue for us.
    we are about to launch our product,
    but have yet to decide which payments to accept
    we are also E.U.
    and lots are only open to U.S
    The best we have seen are 2co. but still looking.

  19. #19
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    Quote Originally Posted by Iren
    As for me worldpay has too high fees. And if you just step in the online business itís worth thinking about something cheaper. Unless youíre sure your business will be very profitable.
    Anyways it's good to have more money in your pockets so I vote for cheap and fast.

    About ikobo here is what I found (I will continue my research and tell you more as soon as I find new info):
    merchant transaction fee - 2.9% + 0.29$
    coverage - 170 countries
    non US merchants - paid using an iKard (which is a free Visa debit cart send by ikobo to all it's customers)
    withdrawal fee - 1.9$ (fixed !)
    What do you think ?

  20. #20
    Plazan Merchant Neil's Avatar
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    i think i will have a look at them
    cheers,,

  21. #21
    Plazan Merchant Neil's Avatar
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    this ikobo looks intresting.
    now viewing,
    double cheers

  22. #22
    Plazan Merchant Neil's Avatar
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    just done a conversion on their exchange rate.
    it did`nt come out very good.
    Mmmmm. there is always a catch..

  23. #23
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    There are no hidden fees, I know this for a fact. You could loose some cents because your local ATM has to exchange dollars with your local currency. But if the exchange rate is good, you could even win It all depends on your local exchange rate.

  24. #24
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    Quote Originally Posted by JoseA
    There are no hidden fees, I know this for a fact. You could loose some cents because your local ATM has to exchange dollars with your local currency. But if the exchange rate is good, you could even win It all depends on your local exchange rate.
    It looks like you had some experience with ikobo. Am I right?

  25. #25
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    Let me know what your experiences are with ikobo, 2CO and Worldpay. I've checked them out for pricing and they look good on paper. What I would like to know is your experience as a merchant with them. We are constantly being asked if we can provide EU accounts but as of yet have not developed a relationship with one.


    Your input as to how you like your customer service and other details would be helpful in deciding who we would reccommend.

    Feedback is appreciated

    Anna

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