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Third party credit card processors
For accepting
payments online you need to have your own merchant account. often
this involves investing in expensive processing software, buying a
SSL certificate, paying monthly gateway fees for maintaining the
account, statement fees, processing fees etc.
An easier way,
sometimes is to opt for a factoring service or a third party credit
card processor. These third party credit card processors accept
credit cards on your behalf and charge a percentage of the
transaction. This percentage is higher than that charged by merchant
account providers but for lower volume businesses or smaller
merchants or merchants based outside of the United States, this can
prove to be less expensive. Besides, there is usually no
maintenance fee. Integrating it into your site also is just a
matter of copying and pasting some code and you're all set.
Here is a list
of some online third party credit card processors that are commonly
used to process credit card orders without a merchant account.
This list is
by no means exhaustive but they're credit card processors who're
considered reliable.
Clickbank - Highly recommended
Clickbank is
amongst the most reliable third party processors. Clickbank charges
$49.95 as the set up fee and $1 + 7.5% on each transaction.
Typically approvals are granted for accepting between $50 and $250
in a single transaction. Their control panel and reporting is
excellent. Support is reliable and efficient too. Checks arrive once
every 15 days, like clockwork, with a minimum of only $5. They have
thousands of merchants. One of the major advantages is that they
have a large network of affiliates. Once you sign up, all of these
affiliates can instantly start promoting your products without you
needing to approve each one individually. Their security and fraud
control measures are very sophisticated. You can however, sell only
intangibles and they have a short list of services you can't sell.
2Checkout.com
This is Avery
reliable and cheap service. You can sell products and services
online and accept payments for them. They do have a list of products
and services you cant sell, for instance Psychic services apart from
the usual livestock, guns, firearms, lottery tickets etc but overall
they offer a wide scope. Morever, you can add accounts at a lower
rate once you sign up. Their payments are prompt. Merchants with US
or Canadian Bank accounts will have payments electronically
deposited directly to any bank account at no cost. Suppliers
without a US Bank account can have their payments air mailed at no
charge or have the option of an international wire payment.
Can be
incorporated into almost any shopping cart that supports the
authorize.net gateway.
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Pays twice
per month.
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5% reserve
fee, 90 day hold.
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Chargeback
fee of $10-30 per transaction.
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Available
for US and international merchants.
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Setup: $49.
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Orders by:
Credit cards and online checks.
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Transaction
Fees: 5.5% + $0.45.
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