New Hampshire Finance

Nov 30 2017

Merchant Account Services Provider #credit #card #processing #merchant #account, #merchant #credit #card #processing


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Merchant Account Services Provider | Third Party Payment Processing

Not all credit card processing services are created equal

Are you starting a new online business? Well, that is a great idea as internet businesses are doing great these days. However, there are online businesses that have totally failed as well, and online business that have made wrong choices and suffered. One of the most important things in online business is to be able to accept payments online. And for that you need third party payment processors. A payment processor is a third party between you and your customer that helps you process credit card payments safely and successfully. It is safe to say that an online business would be almost impossible without a merchant account. There are many different payment processors out there. Some of them provide you great services and make transactions safer and easier while some just add more trouble with inconsistent and flawed services. Make sure you pick the right one.

How to choose the right payment processor?

Watch out for hidden fees: Advertisements can be deceiving. The fee that seems too good to be true is actually so because it is not real, and there are other hidden fees. A payment processor like that is no good. Payment gateways/processors are plentiful and there is a lot of competition, so prices are low. Make sure you do your research and hire only the best merchant service provider.

Quick access to funds: Just few years ago your money could be frozen in your own account for inspection of suspicious activities by payment gateways. You would not be allowed access to your own money for weeks. This is not the case now. Even in certain cases for anti-fraud response and inspections things are carried out without locking your account. Work with payment processors that provide quick access to your funds.

Security: It is very important that your payment processor provides you data security. It should not be your job to do that. It is expensive to install a personal fraud detecting system, so what you need to do is work with highly secure payment gateway integration service providers.

Many companies offer something called third-party credit card processing where they process credit card transactions for you using one of THEIR merchant accounts. This is not the same thing as having your own merchant account and has many drawbacks.

Third-party processors typically charge much higher discount rates and transaction fees. The third-party processor has a merchant account that has its own fees that the processor has to pay, and the processor must then mark these fees up substantially to make a profit.

You have no need for third-party merchant accounts when you get your own, real merchant account with Charge.com. Our services are perfect for businesses conducting Internet, mail-order, and phone-order transactions — the discount rate for credit card processing is 1.79%, and the transaction fee is 15 cents per transaction. Third-party processors typically charge more than twice that amount, charging a discount rate of 5% or more, and 50 cents per transaction. The processing costs with third-party processors are typically astronomical. Pay less by processing transactions through your own merchant services account.

For more information, please see our article “About Merchant Accounts.”

Low Cost Guarantee

We’re so confident that Charge.com has the lowest costs that we will pay you $200 to find a better deal! If you find a competitor of Charge.com offering a direct merchant account and the same hardware, software, or payment gateway that Charge.com currently offers, Charge.com will beat the costs of the competitor’s offer or else pay you $200. And if you are currently processing credit cards, then if you send us your most recent credit card processing statement, Charge.com will beat the competitor’s costs or else pay you $200. If you open a new Charge.com merchant account, and then find a lower offer afterward, Charge.com will honor the low cost guarantee for 30 days after opening the account.

In order to take advantage of the low cost guarantee, merchants must provide a contract from a competitor showing the full fee-schedule, and the competitor must be a verifiable registered provider of Visa and MasterCard services or, for merchants already processing credit cards, merchants must provide a copy of their most recent credit card processing statement long with a copy of their original merchant agreement that includes the full fee-schedule. When comparing costs, we will analyze all costs including, but not limited to, processing fees, transaction fees, monthly fees, annual fees, cancellation fees, and costs for hardware, software, or payment gateway.

We will project these costs based on the merchant s actual or projected monthly credit card sales volume and average ticket size. In the event Charge.com fails to beat a competitor’s offer, in order to receive the $200 payment from Charge.com, merchants are required to open a merchant account with Charge.com or send proof that an account has been opened with a competitor that Charge.com failed to match pricing of, and the merchant must keep the account open for a minimum of three months.

This offer is limited to merchants who reside within the fifty United States and whose businesses are physically located within the fifty United States. This offer expires March 1, 2016. and may be extended further at the sole discretion of Charge.com.



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