I got a deal with one of the biggest banks in my country to resell their online payment processor.

Their rates is:

$1960 as an insurance, which will be held for unknown preiod of time

$135 as a monthly fees

4% - 5% as a discount rate (depends on your business type)

You get your own merchant account with your own descriptor and your own control panel to look at your transactions

The money is sent to you whenever you ask for for them for only $10

And the best thing is that any individual in the world can signup in less than 48 hours, and all what he/she needs is a running site

Do you think this would be a good apportunatiy?

Oh my god.....Has someone set a reward on the Credit Card processing business ?!

It's the 3. thread this week, that starts with we want to be a Credit Card processor or something semilar.

Please take a look at this thread : http://www.webhostingtalk.com/showthread.php?s=&threadid=426444

and check cdgcommerce, comments, it is a good explanation on what it needs to start those business.

If you want just to be a Reseller, without own infrastructure etc. then you can find hundred of providers that will take you as reseller and with much better options.

I dont want to put down your fabulously offer, ofcourse there could be someone that could be interested.

could you please tell what country this bank is located?

Are you having multiple banks in the back from all over the world or how else can people "from all over the world" sign up for their own merchant account? The VISA rules don´t allow that at all, each bank can only serve it´s own country (or a specfic range around it).

The bank is located at Saudi Arabia .

The bank said: there is no problem in getting customers around the world. I don't know how, but this is a bank not a regular srevice, and it's sure they have an agreement with Visa and MasterCard to serve any one in the world

So you pay $1960 to a bank in Saudi Arabia which is kept for some unspecified time. I see, that's sounds like a really good idea.

They say they usually give it back to you in 6 months if you didn't get any chargebacks

what currency you can process?, wha is the bank name?

$1960 as an insurance, which will be held for unknown preiod of time
$135 as a monthly fees
4% - 5% as a discount rate (depends on your business type)
The money is sent to you whenever you ask for for them for only $10
Do you think this would be a good apportunatiy?

No it sounds like a simple scam.
1960 that they sit on until they find a reason to keep it
discount %age thats at least twice the going rate
135/month fee is obviously inflated to cover your commission
and they sit on the money until you ask, and chareg $10 to remit

It will probably only be taken up by 3 groups - the completely clueless newbies, those too stupid to shop around or those with credit ratings so poor no other bank would touch them.

And AFAICR you're not actually allowed to open a merchant acount in a country you dont trade from.

Which bank is it, I need to stick them on my list of financial institutions to avoid.

They are a bank othellotech, and they know what do they do. Actually I gave them the idea of running a service like paypal in the middle east, but they found it hard in the meantime and they said it's hard to make this legal in Saudi Arabia. So we agreed on only reselling their current online payment processor until we can find something on the semi-paypal system. I use their payment processor now for a rate that's a bit more than what I put here, and I can say it's perfect, easy, and it has no problem at all!



aiesh,

Saudi Riyal and UDS. The bank is NCB (National Commercial Bank).