Does anyone have a good recommendation for a credit card processor that will allow $100k per month or more? Each transaction will be around $1,000. I know many will limit your payments at first but I need to be able to do at least $100k from the start. Any suggestions?
If you are making that much money, it would be cheaper and gives you more control if you get your own merchant account and process the order in-house. Visit your bank and ask them about that possibility.
If you are unsure how to go about this, it would be best to go with an established Merchant Gateway company like Authorize.NET or PayPal. Authorize.NET will probably be your best bet as they will allow you to work with the Merchant Service Providers and possibly get a better rate on each transaction, and you can still continue to use them as a gateway.
You will lose a lot of money due to fees using 3rd party merchants. I would recommend contacting your local bank to see how you could process the payments your self.
Go to your local bank and setup a merchant account and then set it up via a 3rd party gateway such as linkpoint. you may want to have more than merchant account with that kind of volume to spread out your risk.
I agree with above replies why to waste money by paying middile man they will charge you some percentage of amount for each transaction and your amount seems to be very high so i would also suggest you to go to your nearest bank and get the merchant account remember your needs and inform them everything they might have some solutions,
You do need a merchant account, but some banks may not touch you depending on the type of business and credit history. Doing ACH transactions is going to save you a lot of money compared to credit cards. If your business is based in the U.S. Click my sig I'll have someone contact you next business day.
Thanks for all of your replies. The corp. doesn't have a financial history yet so I'm not sure how that will affect my ability to process payments at that level. We don't want to waste a lot of money on fees, but we can always change once we have a few months under our belt. I think will contact Authorize.net and our bank. Thanks!
What country are you located in? Assuming the US or another country with an established processing system, a merchant account is probably going to be the best way to go. Personally I recommend using a merchant account, and authorize.net as a payment gateway. This can be seamlessly integrated into your website, and is very widely supported for support and setup issues. You can get a merchant account through a local bank (Generally more expensive) or through an established merchant account provider (Called an ISO or MSP).
Getting your own merchant account with the bank is always going to be cheaper, especially at the level of business you are forecasting. If the corporation doesn't have much of a financial history yet, your bank may be prepared to look at your own personal credit history as well. (Do you use the same bank yourself?)