Wednesday, September 12, 2007

Merchant Accounts

Merchant Acct.
New website who are open or people who are thinking of opening a new website that sell product should not have to go pay high dollar amounts for merchant set up in your websites such as using your local bank for a merchant account system.
I would go with to start off with just opening because this account does not require you to go apply for a DBA or Tax ID these fund can go directly into your personal checking account.
Once your sales reach $1000.00 per month then I would go set up an merchant account with or some other company such as Total Merchants apply for your DBA ( Doing Business As) and Tax ID then set up a new bank account for these sales from your website. TIP - (make sure your bank knows you have an outside merchant system. Sometimes they will try to sell you what they offer this does cost more money.) ProPay is also great because you can use this in your website, ebay sales, craft shows.
For Craft Shows - You can get the old fashion knuckle buster pay slips as a copy for your sales at the craft show and you can call in every card used with your cell phone with the sale right then to make sure the card is good and this will give you an Authorized # once it has gone through. The best part is you will have the card holders signature on the sales slip. This helps from getting a chargeback from the credit card company if this person called in to there credit card company saying they never did this charge at this craft show. Then you have the signature to prove you did this sale with this person.
Large Orders - Like Wholesales $100.00 or more in one sale with using a service like Propay they can call in, email you, mail in orders, fax orders, or from your merchant cart system from your website. Before mailing the order for the first few time you should require that they sign a sales slip (knuckle buster sales slip) that you mail to them and have it returned back to you before shipping. This is another way of getting a Chargeback if you have nothing signed with that charge.
This also helps you with your terms of service within your website on returns and refund policy which every website should have that does sales from. The merchant accounts and bank cards are on the credit card holders side if you do not have a sales slip signed by this person. If you have this signed slip then you can win this battle if there is a chargeback because you have there signature on a sales slip. Another bad thing is on any chargebacks it does count against you. Then sometimes the person you sold to may not send your product back if you have that signed slip for this sale it will protect you on these problems by proving the sale was signed for. This also protects you from fraud and stolen credit cards by calling in or going to the propay website and enter the sale in right then it will let you know if the card is accepted. By doing all of this it protects the card holder and also your self from all these problems.


shannon said...

propay worked great for me. i almost signed up for a merchant account to do my credit card processing until someone told me to try paypal or propay first to see if my sales volume is really high enough to warrant a merchant account. and theyre not just yet... even though the propay fees seem high, a merchant account would have cost me more for now. hopefully not forever though!!

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