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Q: e-commerce credit card vendor/merchant accounts ( Answered 5 out of 5 stars,   1 Comment )
Question  
Subject: e-commerce credit card vendor/merchant accounts
Category: Business and Money > eCommerce
Asked by: dc061-ga
List Price: $35.00
Posted: 24 Feb 2003 16:20 PST
Expires: 26 Mar 2003 16:20 PST
Question ID: 166615
I work for an e-commerce/ computer hosting company. We offer credit
card processing for the vendors that we host. All of our online
transactions go through access point for authentication and
processing. However, we are using a small local company to setup each
of our vendors with merchant accounts. They also provide reporting and
monthly statements. We have become very dissatisfied with their
service and are trying to locate an alternative? Who else provides
this type of service for smaller ecommerce companies at a competative
cost/low transaction fees?

Request for Question Clarification by easterangel-ga on 24 Feb 2003 16:42 PST
Hi! What is the price range?

Clarification of Question by dc061-ga on 24 Feb 2003 18:10 PST
I am looking for a company that charges around 2-3% (or less) for
transaction fees. Other than that, I would like a variety of price
ranges to choose from. My primary concern is that the firm is
reputable and has a good service record.
Answer  
Subject: Re: e-commerce credit card vendor/merchant accounts
Answered By: leader-ga on 25 Feb 2003 12:21 PST
Rated:5 out of 5 stars
 
Hello:

I understand your concern about the credit card transactions. If your
service provider is not up to the task, it means a loss of profits. I
have compiled a list of eight credit card processing companies that
will not only fulfill your needs but also are highly reliable and
customer friendly. Some of them charge a very low transaction rate.
Most of them serve retail, internet and many types of vendors. I have
divided them among highly recommended, recommended and no remarks but
be assured that they all are of highest quality and provide merchants
with a variety of tools and services to track the records of the
transactions. Following are the websites for these companies:

Card Service International (Highly Recommended)
More than $12 billion in annual credit card volume and one of North
American largest credit card providers.
http://www.cardservice.com/Corporate/default.aspx

Electronic Clearing House Inc. (Highly Recommended)
Very Low Cost.
http://www.echo-inc.com/

Internet Secure (Highly Recommended)
One of the largest processors of Merchant Accounts and highly
reliable. - Verisign Approved.
http://www.internetsecure.com/index.asp

Pay Net Systems (Highly Recommended)
Very low rates.
http://www.paynetsystems.com/

Hamilton Associates (Recommended)
One of my friends is using this service with quality customer service.
http://www.hamassoc.com/

Independent Merchant Service (Recommended)
I know someone using them for more than one year.
http://www.bankcard-processing.com/

Redwood Merchant Services Inc.
Low cost
http://www.creditcard-acceptance.com/

Merchant Account Express
BBB Member – 1.59 % - Price Guarantee
http://www.merchantexpress.com/merchant_account_rates.htm

Search Stratagy:

My own expereince

Merchant account on ://www.google.com
Merchant credit card account on ://www.google.com
credit card processing on ://www.google.com

Hope this will help. If not please clarify and I will come out with
further solutions. Thanks for asking and good luck with your business.

Sincerely,
leader-ga

Request for Answer Clarification by dc061-ga on 25 Feb 2003 12:47 PST
Could you provide a brief summary of each company's services, as they
pertain to setup of merchant accounts, and price info. Thanks!

Clarification of Answer by leader-ga on 25 Feb 2003 14:28 PST
Hello:

Thanks for the clarification. I will shortly return your answer.
Please give me 24 hours as I am busy at the moment. If you need it
immediately, just clarify again and I will answer it very shortly.
Thanks.

Request for Answer Clarification by dc061-ga on 26 Feb 2003 15:49 PST
I need this information as soon as possible please.

Clarification of Answer by leader-ga on 26 Feb 2003 17:03 PST
Hello:

Sorry it took me a while. Here is the required information. If it
doesn't help, please ask again. Thank you.

Card Service International
Established in 1988, Cardservice International currently processes
more than $12 billion in annual credit card volume and more than 125
million transactions annually for its customer base of 200,000
merchants. Cardservice has more than 850 corporate employees, 295
independently owned sales offices and more than 3,000 sales
representatives nationwide. Cardservice provides advanced risk
management and delivers 24/7 customer service in more than 140
languages and dialects.
Types of Processing: Internet ; Brick & Mortar ; Mail/Telephone Order
and Restaurants. 22 types of services to choose from.
Rates: Depends upon the type of service but ranges from 1.5% to 7% per
transaction.

Electronic Clearing House Inc.
Electronic Clearing House, Inc. provides a complete solution to the
payment processing needs of merchants, banks and collection agencies.
ECHO’s services include debit and credit card processing, check
guarantee, check verification, check conversion, check re-presentment,
check collection, and inventory tracking. Customers include over
60,000 retail merchants and U-Haul dealers across the nation.
Types of Processing: 8 types of processing ranging from Merchant
Express to Special Accounts.
Rates: $99 set up fees; $19 monthly fees and 1.54 to 2.59 percent per
transaction.

Internet Secure
InternetSecure Inc. is a Canadian Corporation founded in 1995 to
develop a secure, on-line, real-time credit card processing system for
Internet merchants. The solution was to be easy to implement, require
no capital investment by the merchant and able to provide merchant
status. As important to our merchants and ourselves was that this
system be approved by Canadian and United States banks for use by
merchants throughout the world.
Types of Processing: Four types of processing service.
Rates: Varies service by service. According to them they have some of
the lowest rates in the industry. (You have to fill out a form to know
the exact amount).

Pay Net Systems
Paynet Systems is headquartered in Atlanta, Georgia. In conjunction
with CPS and Concord/EFS (publicly traded on the NYSE: CE), we are one
of the fastest growing "Full Service" providers of credit and debit
transactions in the United States. Combined, we have hundreds of
thousands of merchants nationwide. Both financial institutions used by
Paynet Systems are FDIC insured and have achieved the distinction of
2nd and 4th overall ranking within our industry.
Types of Processing: Retail; Mail order, Internet, Wireless, Equipment
List, Website.
Rates: Some of the lowest rates in the industry with 0.24 to 0.25 per
transaction. No other major fees.

Hamilton Associates
Hamilton Associates has been helping clients with online ecommerce
applications such as shopping carts, online ordering forms, and online
credit card processing since 1996. We work closely with Pride Merchant
Services of Massachusetts to provide a one stop service.
Types of Processing: Merchant Account, Shopping Systems and Real time
Credit Processing.
Rates: 0.20 to 0.25 per transaction and $10 monthly statement fees.

Independent Merchant Service
We are members of the Better Business Bureau and voluntarily comply
with their strict code of ethics. Membership in the BBB is by
invitation only and we are proud to have been invited to join such a
wonderful organization. As a result, you can trust us to work as your
advocate and protect your credit card processing interests.
Types of Processing: Retail, Mail Order, Internet
Rates: 1.49 to 2.09 per transaction. No other major fees

Redwood Merchant Services
RMS Northeast can provide retail swipe terminals, PC software-based
credit card processing, Real-Time Internet processing and e-check
acceptance solutions and merchant accounts. We can also set you up
with a merchant account to accept all four major credit cards (Visa,
MasterCard, American Express and Discover). What ever your payment
acceptance needs are just let us know and we'll custom fit you with a
merchant account solution for your business needs.
Types of processing: Point of sale terminals, E commerce, PC
Processing
Rates: $1.99 to 2.49 % per transaction, Set up fees $99 to $999.
Monthly Fees.

Merchant Express
Merchant Accounts Express has provided merchant accounts, software,
and equipment to 1000's of businesses in all 50 states. We were one of
the first in the country to offer Internet compatible merchant
accounts, and we have the experience that you can TRUST. With our
service there is no middleman, as we only provide bank-direct merchant
accounts saving our clients hundreds if not thousands of dollars per
year in processing costs.
Type of Service: Retail, Mail Order, Phone Order, internet
Rates: ).20 to ).25 per transaction and $9.95 monthly.
dc061-ga rated this answer:5 out of 5 stars

Comments  
Subject: Re: e-commerce credit card vendor/merchant accounts
From: terryjohnson-ga on 21 Mar 2003 19:27 PST
 
I have been doing a similar excercise for my company.  The two leading
contenders (having cut a few of the above list for not returning calls
promptly or being downright expensive) for us are:

www.paysystems.com
www.paymentech.com

Close behind is www.bibit.com

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