I noticed that Directnic.com has a merchant account program...

I am thinking that I need a merchant account (instead of 3rd party). I looked at their offering.... but it appears almost too good to be true.


---From their site -----
VISA & MasterCard Discount rate 2.35%
VISA & MasterCard Per Transaction Fee .35¢
Total Monthly Recurring Fee $29.95
Plug-n-Pay License Fee $99.00
----------------------------

They say they represent HSBC (Hong Kong Shanghai Bank), Key Bank, National City Bank, Bank of the Redwoods, Imperial Bank and Woodforest Bank.

Any opinions would be greatly appreciated.

Looks pretty standard to me. The issuing banks appear to all be reputable. Couple other things you may want to watch

1) Application fee. Is there one and is it refundable. Typocally there is and most are not refundable.

2) What is the term of the agreement? Can you cancel? What happens if you cancel? Do you owe any funds?

3) Reserve? Is there a reserve amount held against charge backs. How much is it and how long is it held.

4) Are they asking for personal guarantee. Pretty standard.

5) Does the fee include a electronic gateway like Authorize.net or other. The statement fee is kind of high so I assume it does.

5) Most importantly -- Does your business fit within the parameters of business type and processing volume they like? What happens if you go over your assigned limit. You have to watch this as some start to hold all funds.

Merchant Agreements are typically very involved legal documents but witih reputable provider they should be able to answer all your questions. Anything they tell you should jive with the agreement itself.

Originally posted by Ematic
Looks pretty standard to me. The issuing banks appear to all be reputable. Couple other things you may want to watch

1) Application fee. Is there one and is it refundable. Typocally there is and most are not refundable.

2) What is the term of the agreement? Can you cancel? What happens if you cancel? Do you owe any funds?

3) Reserve? Is there a reserve amount held against charge backs. How much is it and how long is it held.

4) Are they asking for personal guarantee. Pretty standard.

5) Does the fee include a electronic gateway like Authorize.net or other. The statement fee is kind of high so I assume it does.

5) Most importantly -- Does your business fit within the parameters of business type and processing volume they like? What happens if you go over your assigned limit. You have to watch this as some start to hold all funds.

Merchant Agreements are typically very involved legal documents but witih reputable provider they should be able to answer all your questions. Anything they tell you should jive with the agreement itself.


Hmmmm... Thanks for your suggestions. I read more about them and they claim no appilcation fees and no cancellation fees. It appears they resell Webtransact. Their fee includes statement and gateway fee (authorize.net or plugnpay). I didn't find a certain amout held in reserve... but their agreement ( http://merchant.directnic.com/terms.cfm ) say that they "may" request a reserve. I also didn't see anything about a personal guarantee..... That kinda blows a hole in the one of the benefits of forming an LLC if they did.

Has anyone done business with Directnic or Webtransact?

I too may be interested in hearing about people's experiences with these people...

I live in Canada so I am not sure if I would be able to get an account with these people, but I may be able to in the future...

Has anyone done business with Directnic or Webtransact?

Yes, I have. I might be late in this board but I've been with them for about 1 month now. I chose the plug-n-pay cart.

Let me know if you still need information about them...

I would rate both Plug-n-pay and webtransact a 4 out of 10. The system works but boy it took me a long time to get there... and webtransact is working out of a home... not a business as it looks (from what i can gather). Try calling and pressing any number but sales... see what happens... exactly... nothing. No return call, nothing. But it does work thanks to plug-n-pay... but the plugnpay customer service sucks big time.

Best about both services is once they are up and running you don't have to deal with them anymore.

I ended up going with Chase Merchant Services. No problems yet. I think my rates are ok.

Amex - 3.25
Discover - 2.250 + 8 cents per transaction
Visa/MC - 2.35 + 20 cents per transaction

Since I didn't hear anything about Directnic/Webtransact, I decided to look elsewhere.

I also considered Wells Fargo but they took 6 days to answer my email. Then they started spamming me with huge PDF files about their service.

I went to authorizenet.com and I emailed everyone on the list that are resellers. I ended up finding out that AuthorizeNet themselves sell merchant account and the payment gateway.

I will be using that for monthly charged and also use their WebTerminal to charge people.

3 Darn days.. I had soooo much email comming in trying to sell me on stuff and learned soooo much.

Be very careful, read all small text...

Right now I found someone good and after reading the 11 page contract very carefully. I found something I didn't like, a 300$ termination fee.

They haven't replied to my request to remove that from the contract.


For the rest of you out there.. I am not interested in Merchant account and please no PM... I've got 2 of them!

I heard from many people about authorizenet.com that they are good. But i suggest to use sfcommerce.com if your company is register in America/canada/england. They are the best, their support is excellent.

well... I'm not American/Canadian/England resident.. so i m looking for good merchant account....... with minimum setup fee.

can anybudy help me .........?????????

Originally posted by webby
I heard from many people about authorizenet.com that they are good. But i suggest to use sfcommerce.com if your company is register in America/canada/england. They are the best, their support is excellent.

well... I'm not American/Canadian/England resident.. so i m looking for good merchant account....... with minimum setup fee.

can anybudy help me .........?????????

Nice site but I work with 3 different shopping carts that need a gateway...

Few to domain are: authorizenet, ipayment, SECpay, PSiGate, PayPal and few others...

Different shopping carts might not support all or might support less.

Webby
You can apply for Sfcommerce if you don't live in USA/CAN/UK.

We use Sfcommerce and we are based in Argentina, the biggest problem with Sfcommerce is that you can't set recurring billing, you have to enter every month all your customers information.
If you charge monthly and have more than 100 customers it's a waste of time.

Originally posted by Jedito
Webby
You can apply for Sfcommerce if you don't live in USA/CAN/UK.

We use Sfcommerce and we are based in Argentina, the biggest problem with Sfcommerce is that you can't set recurring billing, you have to enter every month all your customers information.
If you charge monthly and have more than 100 customers it's a waste of time.

I like their site.. There are few out there that supply recurring billing. I have to take that in consideration as well. I'll have to check next time I get another merchant that they have that.

Copying and pasting 100 clients, address, CC# exp date and such can take some time and do that weekly, or monthly can add up time and money...

are you sure international customers can use sfcommerce? how are there rates?

Yes, I'm sure, unless they changed their rules.
We signed up more than 1 year ago, so, I don't know if they changed something.
You should contact them about it.