You need to have the following: 1. A bank account. That is where your money will be deposited. 2. A merchant account. 3. A shopping cart. The purpose of the shopping cart is to make the order forms andkeep up with the orders. It gives the orders to the Internet gateway and runs thecredit cards. Then the shopping cart goes to the merchant account and pays them. A great shopping cart program is Kickstart Cart.
The internet gateway to use is Authorize.net. This makes the shopping cart talk toyour merchant account.
Let s look more at the merchant account. Be careful about which program you choosebecause most of them are really bad. It is important to know that merchant accountsONLY deal with Visa and MasterCard. If you want to accept American Express andDiscover then they have to go to each credit card company directly.
Why can t I just get a merchant account through my bank? The answer is that banksview online payments as high risk.
Why is it important to pick the best merchant account company? Read about myexperiences with merchant account companies to show you why. I have 5-7 merchantaccounts. The first merchant account I had cost $1,000 to set up and I am stuck in a5 year contract with them. Plus, if they earn a lot more than you expect, it can befrozen by the merchant account. The merchant account companies are not designed toprotect you; they are designed to protect themselves. So if you earn more in thefirst week than you expected for a year then they view you as a potential fraud. Sothey can freeze your money while they investigate or for a period of 6 months.
The second merchant account I got was like filling out a mortgage application. Ifelt like I was signing my life away. They held 50% of my money for 6 months whichwas terrible.
The third merchant account I went to charged me 15% for Internet transactions. Theyalso held another 10% each month and said they would give it back to me after 6months. I have not seen that money yet.
The fourth merchant account I went with put a hold on my account and has $40,000worth of my money because I maxed out my limit and they think that I was fraudulent,but I m not.
So I was looking for a merchant account that accepts a huge amount of orders and hasan unlimited amount of money that can be run through it. I found a merchant accountthat fit this bill. What is this special merchant account that I love? It isPowerpay.
Plus, they will setup American Express and Discover for you. You don t have to callthese credit card companies.
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