Please help choose a new Merchant

[theWolf]

Hi,

Your help / recommendation needed.

When someone clicks "checkout" on my website, he (or she) is being redirected to a secured page on Verisign server, then the credit card is processed and he is being transfered back to my website to a rejected /approved page (depends on the result).

In the background: Verisign autorized the transaction and then transfared it to Wells Fargo who collect the money and keep it for 3-4 days until it is being transfered into my account.

I have 2 questions:

1. How long should it take to receive the money and with what merchant. (I heard from someone that within one day the money is in his account)

2. Is there a way to collect the credit card info using my own forms (on a secured server I have access to) and just transfer it to a server who responds yes / no and if yes - transfer the money in less time?

Please help.
Thanks.

[Corey Bryant]

Usually a batch is automatically ran & then the money is deposited into your checking account the next business day - usually 24-48 hours.

Most offer an API - which allows the consumer to stay on your site. I think Payflow offers that, not too certain. But is does not matter if you use the API or go to the gateway - it should still take the same amount of time. What is taking longer probably for you is your processor - not necessarily the gateway or how your transactions are handled.

[theWolf]

Thank you for your reply.

I know that my processor is probably the problem.
I know Verisign takes up to 24 hours to complete the batch.

Now when you tell me that it should take somewhere between 24-48 hours, I know where to address my complaint.

Do you have a different processor you can recommend?

[Corey Bryant]

First check with your pocessor - what is their contract period? Most are 6 months at a time & a few are changing to 6 months with one month increments.

Wells Fargo I think has a period of 2 years. I saw that somewhere on their site, it's just scary.

As far as recommending one, yes - but where are you located? Are you in the US - with a US address and bank account?

[markb12]

You should try this one:
I use Ikobo as a merchant for a few months and so far they are grait! Besides, they are most inespensive method I have found. The most important thing is they transfer your funds instantly (when you get your first payment they send you Visa Debit card to withdraw your money on any ATM machine)
I checked their site this morning and they have some special offer:

New! 1.99% Merchant Program:
Until February 29, we are offering a special 1.99%+.29 rate for all merchant processing! Accept credit and debit cards from 240 countries. No set-up or monthly fees.

[Corey Bryant]

But I think Ikobo is a third party processor & he is looking for a merchant account.

[markb12]

Originally Posted by Corey Bryant

But I think Ikobo is a third party processor & he is looking for a merchant account.

Yes they are a third party processor, but also a Merchant Account Provider. Take a better look at their website.

[brandblast]

Wolf,

We currently use verisign and http://e-onlinedata.com

Funds from VISA/MC/DISC are deposited into our account within 2-3 days, AMEX are deposited wihin 3-5 days, this is normal of any merchant.

Even if you use your own forms, you still need to run the info through your gateway which will result in the same settlement and deposit times.

[Corey Bryant]

Thanks Mark. Never was one for Ikobo & never really learned too much about them. Knowing what I know about the third party processors and what it takes to support both, it is a little leery to choose something like that. Plus most third party processors do not state that they are or exactly what is the different between a merchant account and a third party processor. They mainly talk about just accepting credit cards on your site

[121merchantaccount]

Hi,

Normal processing should only take 24-48 hours to deposit funds into your account. If verisign is taking 24 hours to batch your funds, then the back takes another 1-2 days, it should still only take about 72-96 hours.

As for Ikobo, that 1.99% cannot be for ecommerce, as that is buy rate. If they are giving you processing at cost, it's a sure thing that they are going to get you somewhere else. Also, 3rd party processors lack the legitimacy and the security of a real merchant account. This is not just my bias because I'm in the industry, it's usually right in their contracts. Something to the effect you will have no charge back protection. PayPal is the worst offender of this.

If you processing under 1k a month, then you might consider a 3rd party processor, but if you are over 1k look for a real merchant processor.

(mod edit: no self-promotion, please) Type in "compare merchant accounts" in Google and follow the links there.

Anyway, good luck.

[my74]

I use Discoverbiz.com

Lots of options. Very reasonable fees. The money is my account that evening after 9 p.m..

Oops! I forgot your other question. I use Mal's e-commerce because I can design my shopping cart and their forms to look exactly like my site. Lots of people use Mal's. They also offer a Free shopping cart with secured server. It works very smoothy. I used them for 4 years with zero problems.

[ecobo]

Be careful with iKobo. I use it now, but I have not big money to withdraw as my site is just 12 days old. I wonder what service to use when my sells go up???
Why to be careful with iKobo? A friend of mine has an account in iKobo and it was blocked last week with no explanation. After a dozen of e-mails they have restored his account, but with a $200/month limit. Can a $200/month be a merchant account? I don't think so.

[Shakeel Malik]

Originally Posted by ecobo

Be careful with iKobo. I use it now, but I have not big money to withdraw as my site is just 12 days old. I wonder what service to use when my sells go up???
Why to be careful with iKobo? A friend of mine has an account in iKobo and it was blocked last week with no explanation. After a dozen of e-mails they have restored his account, but with a $200/month limit. Can a $200/month be a merchant account? I don't think so.

ecobo:
I checked up from ikobo web site and wonder how could you make an ignorant statement, because the FAQs page of their web site clearly mentions:

How much you can receive:
Initially, you will be able to receive $205/month. If you need to receive more just contact support@ikobo.com and request an increase.

How much you can send:
When you first register for an account and verify your credit or debit card you will be able to send up to $205.00/month. If you need to send more just contact support@ikobo.com and request an increase.

The most that you can send in one transaction is $1,000.00.

So please update your information or knowledge that ikobo does not restricts the merchant to send only $200 p/month, rather it provides a merchant oriented facility to send $1,000 in one transaction, so in a month a merchant can make multiple transactions of $1,000.
Shakeel Malik

[markb12]

I agree, the limit of $205/month applies only to Person 2 Person transfers. The Merchant Account transfers are as described above, so unless you have a great volume it shouldn't represent a problem.

Regards to all...

[Shakeel Malik]

Originally Posted by markb12

I agree, the limit of $205/month applies only to Person 2 Person transfers. The Merchant Account transfers are as described above, so unless you have a great volume it shouldn't represent a problem.

Regards to all...

markb12:
Thanks that you confirmed my findings about ikobo. In addition to above mentioned features, http://www.ikobo.com ,transfer online money in more than 170 countries around the world. Charge very low fees. Provide you merchant account facility, credit card processing facility and many other added features. First trial sending money is free of any fee.

[StevenAllen]

Discount Rates:

Dealing with credit card processors is like dealing with used car sales people. Consequently, nailing down everything in writing and making sure that the agreement does not vary from a verbal discussion to the written execution is an effort. The processors play a revenue game of hide the ball. Sometimes the revenue for them is hidden in chargebacks, statement fees, monthly fees, float time (delay of funding), per transaction fee, batch fee, AVS fee etc.

Pay attention to these areas for extra charges:
1) AVS Fees -
2) Batch fees -
3) Non - qualified AKA up charges -
4) Initiation fee -
5) Term of contract fee -
6) Chargeback fees ONLY when applicable -
7) Funding time ACH delays.

If you need further assistance, let me know.

[Shakeel Malik]

No doubt that many Companies do like that, but there are companies who mention clearly that there is no hidden charges, no monthly fees. Those companies who are serious in their business and believe in their image building and growth, also mean what they mention on their websites. I am hearing lot good about one of such company www.ikobo.com, users say that whatever they mention on their website is exactly same what the customers experience when they deal with ikobo. That perhaps is one of the basic reason of their exponential growth during last three/four years.

[ilovemoney]

I think most of the CC processor will set a limit for new customers, because of fraud risk
I can understand that. Think, if somebody stole your Credit card info and make purchase online, how sad will you feel.
My account locked by 2checkout, my CC processor several time because they thought there are fraud involved. After they explain to me the reseaon, I can understand why they do that. They are trying to protect good people from bad people.
Time will prove good merchant always be good. just like me :)

[sagem]

I think that a growing company like www.iKobo.com deserves the credits. They have some limit to send money but this doesn't mean that it hasn't a good merchant account service. I am doing business with them and I think they are fast, reliable and very convenient. For merchant accounts they have very low transaction fee 1.99%-2.99% and most of all if you are at the start of your business no setup fee and no monthly fee. I had a problem and the support service of iKobo helped me to resolve it very quickly. Comparing these services with other competitors I think I will stick to iKobo. But this is my experience so make your own choice.

[Corey Bryant]

Actually since Ikobo is very new - I wuold not recommend them. Plus I have heard a lot of horror stories already - people not getting their card, money just disappearing & reappearing, and their customer service is lacking: had one person tell me that they actually laughed at him!

[Blackicicle]

By far the best 3rd party is 2checkout.com!

[alsoran]

Ok, we heard a lot about Paypal, ikobo, 2CO, et al. Now, does anyone know StormPay? Seems they're very similar to Paypal. Some feedback please..!

[lionheart]

Well, I just checked out stormpay and they seem to have pretty high money withdrawal fees. 20$ for an US bank account and $50 for an international bank account. This is why I chose iKobo, because of thier 1.50$ ATM withdraw fee.This applies for the visa electron i-Kard which you get when someone transfers money into your account. Worked just fine for me.