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Credit card purchases are the most common and convenient form of
payment processing on the Internet. The credit card company acts as a
mediator between the merchant and the consumer. If the consumer should
happen to not receive a product or service as expected and is unable
to resolve the issue with the merchant the credit card company will
side with the consumer and reverse the credit card charge. It is
always in the best interest of the merchant to accurately describe the
features of the product or service being offered. When disputes occur
the credit card company will reverse charges, add charge back fees and
keep the original transaction fee charged whether the product is
actually returned or not.
Here is a typical breakdown of those credit card merchant account
costs.
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Merchant Account
Fees
|
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Transaction Fees
|
| Fee |
Amount |
| Visa |
2.29% + $.30 per
transaction |
| Master Card |
2.29% + $.30 per
transaction |
| Monthly Fees |
| Fee |
Amount |
| Statement Fee |
$10.00 |
| Monthly Minimum |
$25.00 (about $1000 in sales
volume) |
| Application Fee |
$0.00 |
| Annual Fee |
$99.00 (charged 90 days after
approval) |
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Online credit card purchases can be processed in two ways, in real
time or manually. The manual method is either sending an email with
credit card data in it to the merchant or leaving it in a database on
the web server where it can be viewed via SSL.
Real time credit card processing requires a payment gateway such as
AuthorizeNet. A payment gateway will prevent the order from being
placed if the credit card is invalid or expired and it will deposit
the payment directly into the merchants account.
|
Payment Gateway
Fees
|
| Authorize.Net |
| Fee |
Amount |
| Gateway Setup Fee |
$99.00 |
| Monthly Fee |
$15.00 |
| Transaction Fee |
$.10 |
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In order to set up a Merchant Account the following information
will be required:
- Business located within the United States (U.S.)
- Federal Tax ID# (For Corporations only)
- Your Social Security Number
- U.S. Commercial checking account DDA and Routing numbers
- One trade reference including phone number
- You must be 18 years of age to be eligible to apply for an
Internet Certified merchant account and be the Principle Owner of
the business
To request a merchant account or the payment gateway processing
please contact us at info@lyonscom.com
or fill out our Contact
Signup Request form.
Or, begin the no risk application process now:
An inexpensive alternative to setting up your own merchant account
is PayPal. You can have all the same benefits of credit card
processing without the monthly minimum expenses. It's free to open a
personal account and a business account. Fees are charged to the
business per transaction. Each transaction costs $0.30 and 2.9% of the
total amount being charged. Accept Visa, MasterCard, American Express
and Discover.
Please visit PayPal for more details:
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