Q: Merchant acct / Payment gateway costs

[Janovetz]

Hello-

 

I'm still trying to wrap my head around the payment options. Is there a FAQ or rundown of this stuff?

 

I'd like to take credit cards on my site, but make it look as professional as possible. If I understand correctly, I can setup a merchant account with someone like http://www.freeauthnet.com which will also setup an account with Authorize.net.

 

Then, on my site:

+ osC takes the credit card info and sends it to Authorize.net

+ Authorize.net sends back approve/deny.

+ Upon approval, Authorize.net approves the transfer of $ to the merchant account.

+ The merchant account deposits the $ into my checking account.

 

They (freeauthnet) charges a discount rate of 2.19% anda transaction fee of $0.25. So, if I sell something to someone for $100, their card gets charged $100 and my checking account sees a deposit of $100 - $2.44 = $97.56. Is this correct?

 

Once my account is setup with freeauth.net, I can use the Authoize.net module with osC, correct?

 

Now, there is a list of Authorize.net resellers on their page. How does one choose among them? How do folks choose among the various gateways (such as Authoize.net) ?

 

Cheers,

Jake

[ballardr]

:huh:

 

Got all the same questions. Would really appreciate a response.

 

Thanks

[Guest]

I have the same questions. Has anyone found the answers? Any help will be greatly appreciated. :'(

[trubuy]

Hey all,

You have legitimate questions. I can help- call me at 951-767-3070 Mon-Fri 8-5-PST

 

1.

B careful of people who don't charge you up front for authorize.net, they have to pay up front, just like everyone else does. I have been providing authorize.net for a number of years now to my clients, and know this for a fact-There is a catch some where- I am not saying any of them are bad, but be careful ok.

 

2.

Yes, 2.19% is the discount rate that comes out of the transaction.

3.

You will also have a transaction fee on top of your discount rate %?s that was took out before- so let?s run through the numbers:

$100 sale..

2.19 % discount rate=$2.19 out of the transaction-

Then .25 cents per transaction- that is $2.44 total deduction.

Also, you will have to worry about mid and non qualified rates if the transaction does not have address verification included.

4.

Then, on my site:

+ osC takes the credit card info and sends it to Authorize.net

+ Authorize.net sends back approve/deny.

+ Upon approval, Authorize.net approves the transfer of $ to the merchant account.

+ The merchant account deposits the $ into my checking account.

 

 

The above is correct!

 

Any questions call me I don't mind- I am in USA. Pacific time-951-767-3070

 

I hope this helped.. my website