Artashes
03-05-2003, 12:30 AM
I'm no expert in Merchant Accounts, but I have recently was in need to find one, so I'll jsut share what it was like and how easy it is to get one.
First of all, think about your business and the number and volume of transaction you are to make. Going from ther - if you don't have anything special planned - maybe its best to find a third party merchant processor that would handle everything for you and then once a week or month send you the cheque or transfer the money into your bank account.
Getting an account usually is very easy - if your business is legal and you have certain documents to prove the existence of such business - you will have no problems being accepted.
Just remember that it is way more costly to have your own merchant account (setup-fees are higher, there are monthly service fees, statement fees, etc) than just have a third-party processor. Most of the time a third-party processor will have a low setup fee and a bit higher %-charge per transactions, but there are no monthly or statement fees in this case.
So, after shopping around for about 2 good weeks, I've decided to sign up for PaySystems.com IBA acount. For a few reasons: (1) They are based in the city I live in. (2) They have around 170 employees. (3) They process a lot of transactions.
What was the approval process like?
- I filled out the online application. They give you an access to the Merchant terminal right after. You should use it to integrate it for your site, add at least one test-product link.
- Within 48 hours they review your web site and tell you if you are approved.
- If you are approved - they send you the Agreement you have to sign (above 10 pages - your sig. should go on every page) and fax them back.
- Together with the agreement, they require you to send them a void bank cheque and the copy fof your driver license.
Shortly after my account was live. Please note that this is how I got an account setup for the IBA service (third-party processor).
Although I'm still awaiting my first transaction to be made. Until then I cannot comment on whether they are good at processing. :D
Hope this experience helps someone.
PS: Those who are looking for more information on Merchant Accounts, what they are for and how they work, might be interested in checking this site up (very well explained):
http://www.merchantselect.com/
Best,
First of all, think about your business and the number and volume of transaction you are to make. Going from ther - if you don't have anything special planned - maybe its best to find a third party merchant processor that would handle everything for you and then once a week or month send you the cheque or transfer the money into your bank account.
Getting an account usually is very easy - if your business is legal and you have certain documents to prove the existence of such business - you will have no problems being accepted.
Just remember that it is way more costly to have your own merchant account (setup-fees are higher, there are monthly service fees, statement fees, etc) than just have a third-party processor. Most of the time a third-party processor will have a low setup fee and a bit higher %-charge per transactions, but there are no monthly or statement fees in this case.
So, after shopping around for about 2 good weeks, I've decided to sign up for PaySystems.com IBA acount. For a few reasons: (1) They are based in the city I live in. (2) They have around 170 employees. (3) They process a lot of transactions.
What was the approval process like?
- I filled out the online application. They give you an access to the Merchant terminal right after. You should use it to integrate it for your site, add at least one test-product link.
- Within 48 hours they review your web site and tell you if you are approved.
- If you are approved - they send you the Agreement you have to sign (above 10 pages - your sig. should go on every page) and fax them back.
- Together with the agreement, they require you to send them a void bank cheque and the copy fof your driver license.
Shortly after my account was live. Please note that this is how I got an account setup for the IBA service (third-party processor).
Although I'm still awaiting my first transaction to be made. Until then I cannot comment on whether they are good at processing. :D
Hope this experience helps someone.
PS: Those who are looking for more information on Merchant Accounts, what they are for and how they work, might be interested in checking this site up (very well explained):
http://www.merchantselect.com/
Best,