Paypal ([ic] wells fargo epay)

Scott Carter interchange-users@interchange.redhat.com
Sat Jan 12 06:31:01 2002


Wells Fargo Epay is something close to it also.  Being a new internet
merchant the credit institutions have not been very friendly for the fees.
Bank of America wanted a $50,000 retainer.  CardService International has
more fees than you can imagine (plus fees if you don't make the minimum) and
is very difficult to quit.  I had to have my bank stop the ACH calls to my
account to get them to return my phone call.  Avoid CardService
International at all costs.  Wells Fargo charges me $49.95 per month plus
2.65% for visa, m/c and discover and 3.55% for amex but no other fees.  I
also have a business account with paypal and ebay but don't use them that
often.  Setting up a merchant account is far more difficult than setting up
Redhat Linux, Apache, Sendmail and Interchange combined...
Scott Carter

----- Original Message -----
From: "JT Justman" <ic@signless.com>
To: <interchange-users@interchange.redhat.com>
Sent: Friday, January 11, 2002 8:59 PM
Subject: Re: Paypal ([ic] wells fargo epay)


> From: "Jim Balcom" <jim@idk-enterprises.com>
> <<They were not going to let me out of there until I had gone through all
of
> the gyrations of setting up the account. I closed the browser window and
> shut them off.
>  I strongly suspect that once PayPal gets their mitts on your customer
that
> they aren't going to turn them loose.>>
>
> Exactly. Customer must sign up for an account. Web Accept allows me to
> "pre-populate" the customer's signup field but some input is still
required
> on the part of the user (you can's pass the customer's e-mail address, for
> example).
>
> <<There is also the problem that if you do more than $100 in transactions
> per month where the customer uses a charge card then you have to go to a
> business account. Once on the business account you have to pay for each
> transaction in or out of your account, no matter the source of the funds.
> This could get rather expensive.>>
>
> Currently, I have a Paypal Verified Business Account  They charge 2.9% +
30
> per transaction. This is less than what I've been quoted for merchant
> account rates for a new Internet business. So, it's like merchant account
> and payment processor in one, and it's cheap for that.
>
> JT
>
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