I don’t know very much about merchant account, but I’m a retailer and do business selling products online. Which merchant account do you recommend, how much is the monthly fee and which do you recommend in addition?
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How much does it cost to get a merchant account for online order, and which do you recommend?
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3 Responses to “How much does it cost to get a merchant account for online order, and which do you recommend?”
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I would be careful which one i choose. you have to figure out the cost per transaction they charge. You want to be sure thatnthey will help you, if your machine quits working-you have to be sure they will send you your money when it’s due. I would try locally and have them come to you and discuss
their set-up.
General range for a merchant account plus a payment gateway (you need both) is roughly $10-$30 per month. Your per transaction fee typically falls in the 25 to 30 cents range and your credit card discount fee for online payments typically runs in the 2 to 2.5% range.
These are very rough numbers and can vary based on your sales volume, products sold, credit score and numerous other factors. It should be a reasonable range estimate for you if you are considering.
A couple of popular providers are http://www.authorize.net and http://www.paypal.com, but I prefer http://www.paymentsgateway.com
Hope this helps!
Great question. The first thing you may want to do is get familiar with the industry. It is a very tricky one and most companies are not going to explain their fees and usually hide many of them in fine print. For this reason stay away from contracts or termination fees! Should there be any surprises or you dislike their customer service etc. you can leave without penalty. What your monthly fees will be will vary a bit from processor to processor but you will have to pay a gateway fee and a monthly statement fee. The payment gateway is the technology that encrypts your credit card data once it is retrieved from your shopping cart. Unless you have a really lousy credit score you should avoid paypal as their rates tend to be higher 3-4% and they can and do tend to hold your funds up with little explanation at times and have no real customer service to speak of.