Credit Cards

Discussion in 'General Business' started by IdeaGod, Feb 20, 2008.

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  1. #1
    If someone has no credit built up at all and is $6000 in debt...but he has around $10,000 saved up...how would he get a merchant account like authorize.net?

    They all do credit checks...(right?)

    I would probably be declined because of no credit and $6000 in debt.

    Any merchant account I could get that doesn't do a credit check? Any other way?
     
    IdeaGod, Feb 20, 2008 IP
  2. bpasc95

    bpasc95 Active Member

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    #2
    Authorize.net is just a gateway provider to your existing merchant account, you will still need to obtain a merchant account from a bank or some other source.

    Most merchant accounts will require a credit check from the personal guarantor - likely you. I have heard of some merchant accounts allowing for 100% approval, but then you run into some really high rates.

    For some of our clients, we have suggested using PayPal's Website Payment Pro system. This allows you to process credits similarly to Authorize.net where the transaction occurs on the back side to the PayPal gateway. To the end user, they only see your site and enter their credit card information as they normally would.

    Hope that helps.

    -Bing
     
    bpasc95, Feb 20, 2008 IP
  3. AndrewJ

    AndrewJ Peon

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    #3
    Use a payment processor like www.2checkout.com
    $50 joining fee - the transaction fees are slightly higher than Authorize.net but it gets you started and then you can get a merchant account later on when you have less debt.


    Andrew
     
    AndrewJ, Feb 20, 2008 IP
  4. IdeaGod

    IdeaGod Guest

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    #4
    it is a membership site...

    any links to merchant sites that give 100% approval?
     
    IdeaGod, Feb 20, 2008 IP
  5. bpasc95

    bpasc95 Active Member

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    #5

    I think you'll be hard pressed to find one that offers 100% approval. If you do find one, you're likely going to see rates far higher than PayPal or 2CheckOut.

    If you are based in the US, check out the merchant program from Costco. Surprisingly, they have some of the lowest rates we have found anywhere:
    http://www.costco.com/Browse/Productgroup.aspx?Prodid=11105019&whse=BC&Ne=4000000&eCat=BC|55291|55491&N=4018338&Mo=10&pos=4&No=2&Nr=P_CatalogName:BC&cat=55491&Ns=P_Price|1||P_SignDesc1&lang=en-US&Sp=C&ec=BC-EC9186-Cat55291&topnav=

    They offer merchant accounts through Nova at a lower than industry standard pricing. Once you have that established, then you will need to open an Authorize.net account. Those typically will add a $100-300 one time setup fee plus $20-50 per month on the gateway (plus $0.10 per trans typical). For some online ventures, that can be a lot of cost if you do not have any type of volume.

    -Bing
     
    bpasc95, Feb 27, 2008 IP