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Thread: Merchant Account vs Paypal
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03-26-2004, 09:50 PM #1Newbie
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Merchant Account vs Paypal
I don't much care for paypal and have been looking for a new solution for a long time but a full merchant account seems a little bit to big of a step up to me but im wandering, what are the benefits of going with your own merchant account and how much more will it cost you vs paypal?
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03-26-2004, 10:07 PM #2Web Hosting Master
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2checkout?
cgNetHosted - UK based hosting solutions.
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03-26-2004, 10:49 PM #3Build It Better!
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CDG Commerce is extremely easy to get set up. They have their own gateway and all it takes is some forms and you're ready to go. It is hands down better to use than any 3rd party processor such as 2CO or Paysystems.
I think they have a WHT special with no set up fees as well. It's so inexpensive to get going using it I have no idea why people would still choose a 3rd party processor...
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03-27-2004, 01:20 AM #4Web Hosting Master
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ugh NO 2checkout! too restrictive and way expensive!
paypal still beats them hands down AND you have a much faster turn around on your money!if you haven't considered chapter 7 bankruptcy, maybe you should.
eliminate your debt, keep the property you want, most people qualify.
contrary to popular belief - no attorney is necessary!
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03-27-2004, 02:32 AM #5Junior Guru Wannabe
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CDG Commerce
Rates and Fees
Per Transaction: 2.25% + .30
Monthly Statement: $10
Monthly Gateway: $15
I wouldn't compare this to 2co or paypal for the smaller company that is just starting out or not doing that much business this is not a feasible plan. By time you add a merchant acount there's not much left for profit.
But I will put them on my list for those companies that I know are doing over a $1000 a month in sales.
What kind of restrictions do the have I don't see much info on the web site.A new Beginning for WebMasters
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03-27-2004, 11:08 AM #6Web Hosting Master
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you forgot to mention all the other fees and the contract and equipment involved
i authored this website (no longer mine)
http://leaseconn.com
tells of the evils of merchant accounts
btw, the new owner altered my design! ack!if you haven't considered chapter 7 bankruptcy, maybe you should.
eliminate your debt, keep the property you want, most people qualify.
contrary to popular belief - no attorney is necessary!
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03-27-2004, 11:21 AM #7Web Hosting Master
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Originally posted by LaurenStephens
ugh NO 2checkout! too restrictive and way expensive!
paypal still beats them hands down AND you have a much faster turn around on your money!
AndrewNetHosted - UK based hosting solutions.
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03-27-2004, 11:36 AM #8Build It Better!
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Originally posted by JamesCC
CDG Commerce
Rates and Fees
Per Transaction: 2.25% + .30
Monthly Statement: $10
Monthly Gateway: $15
I wouldn't compare this to 2co or paypal for the smaller company that is just starting out or not doing that much business this is not a feasible plan. By time you add a merchant acount there's not much left for profit.
But I will put them on my list for those companies that I know are doing over a $1000 a month in sales.
What kind of restrictions do the have I don't see much info on the web site.
2CO for example;
$49 Setup Fee
$0.45 per Sale
5.5% of Sale Amount
The per transaction fee is .15 higher
The per transaction percentage cost is 3.25% higher (more than double)
There is no set up fee for CDG commerce
There are dozens of advantages but here are two good ones. Your Hosting company name is on the invoice instead of 2CO. Your payments are batched in 3 days as opposed to twice a month which would clearly help a new company with cash flow.
Even a new company is better off starting with CDG than 2CO.
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03-27-2004, 08:15 PM #9Texan at Heart
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You might also consider www.mypaysystems.com, but if Paypal is working for you, don't change.
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03-27-2004, 10:30 PM #10Build It Better!
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No offense Corey but Paysystems is worse than 2Checkout, at least that's what I think from my personal experiences with both of them....
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03-28-2004, 08:46 PM #11Texan at Heart
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No offense. Everyone has their own personal opinions, etc. But I since no one had mentioned the, they deserved to be mentioned at least.
I am sure you have seen the horror stores with 2Co, Paypal etc. When someone has a bad experience with one company, they tend to try to tell everyone. But hardly anyone will give anyone a compliment anymore these days.
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03-28-2004, 09:29 PM #12Web Hosting Master
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Merchant accounts charge set up fees, monthly fees, etc. PayPal doesn't. Many people don't like PayPal. With PayPal you can't enter a credit card number in manually but you can with merchant accounts. You try ProPay.com. They are good.
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03-28-2004, 09:30 PM #13Texan at Heart
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Depends on what plan that you are on with Paypal. I know that I have paid some members of Paypal with a credit card in the past.
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03-28-2004, 09:41 PM #14Junior Guru
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Actually, gghosting, Pay Systems, 2checkout, etc. aren't merchant accounts, they are 3rd party processors, which is why they charge a fee. Pay Pal is a 3rd party processor too and they do charge a fee.
We use Pay Systems for 99% of our clients and Pay Pal for the 1%. Not any problems with either of them, well at least major problems.
We hopefully will get a merchant account sometime this year.
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03-29-2004, 01:02 PM #15Junior Guru Wannabe
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I also use paysystems and seemed ok to me
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03-30-2004, 01:05 AM #16The E-Commerce Answer Guy
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First, thanks for the kind words TVI.
Also, just a pair of quick clarifications on this, in response to a few comments made on this thread.
you forgot to mention all the other fees and the contract and equipment involved
While leasing and equipment sales have been and continue to be a common source of profit in the bankcard industry for retail "bricks and mortar" accounts, most reputable ISO's and agents these days provide online merchants with the more appropriate solutions - typically a payment gateway or occasionally a PC software package.
In addition, not all merchant accounts have setup costs associated with them. There are true merchant account options available that do not require a setup charge and also do NOT have termination/cancellation fees and monthly minimum requirements.CDGcommerce.com - Trusted Merchant Account Solutions since 1998
Many thousands of successful, growing businesses benefit from our expertise every day. You can, too!
We help merchants to eliminate gateway costs, reduce & mitigate fraud and achieve streamlined PCI compliance.
Learn more today at http://www.cdgcommerce.com - we look forward to helping your business grow!