Paypal ([ic] wells fargo epay)
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...
----- Original Message -----
From: "JT Justman" <email@example.com>
Sent: Friday, January 11, 2002 8:59 PM
Subject: Re: Paypal ([ic] wells fargo epay)
> From: "Jim Balcom" <firstname.lastname@example.org>
> <<They were not going to let me out of there until I had gone through all
> 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
> 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
> on the part of the user (you can's pass the customer's e-mail address, for
> <<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% +
> 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.
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