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  1. #1

    High volume merchant processor

    Hi All,

    I'm in search of a credit card processor that will allow me to do a significantly high volume ($1million/month) of transactions. My first choice was to work with CDG, however, we were unable to get approved for an account due to lack of collateral (thanks for trying to help anyways, Chris). We only have about 10% collateral and are unwilling to take on additional investors. I understand the risk posed to the processor, but our business model is dependent on high volume. Can anyone give me any recommendations or suggestions?

    Thanks,
    Steve

  2. #2
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    It depends on what you are selling / etc. There are a few options availabe to you. I take it you miht be in the US since you had considered CDG. That does help to open the door to a lot more possibilities.

  3. #3
    We will be selling consumer electronics, computer hardware, and accessories.

  4. #4
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    Well it does seem you are understanding about the risks involved - which most people are not. We had one client that was going to be doing that was doing that much volume every month but he needed to use the LinkPoint gateway because his phone system was better suited for it. Unfortunately he is somewhat of an acquaintance & his business is high risk (psychic). He thought that since he would be bringing that much business to a compny they would fall over backward.

    You say you are just starting out. I realize you might want to think big - which is always great. Do you have possibly a lower start out for the processor? Also what about a reserve? Any problems with that - some processors might do ask you for that until the business is established.

  5. #5

  6. #6
    Contact Corey thru his site above. We have been using his services now for about 3 months I would say. Processing between $200-400K a month. Extremely happy with the services that he set up and the extra miles he has gone through. I have even referred his services over to family and friends. I know he cannot say anything here due to the TOS; you will be happy with their services. I know I am.

  7. #7
    Hey Steve,

    Welcome to WHT, nice to have you here. In terms of features from the potential processor, are you looking to integrate it into an existing shopping cart system, or are you going to program your site for the new processor?
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  8. #8
    Originally posted by coreybryant

    You say you are just starting out. I realize you might want to think big - which is always great. Do you have possibly a lower start out for the processor? Also what about a reserve? Any problems with that - some processors might do ask you for that until the business is established.
    Unfortunately, our business model is dependent on the high volume. It would be out of the question to start at anything lower than $1million. As far as a reserve, we would be able to put in a reserve of about 10% or $100k. Since we are a startup, that's as much of a reserve we can afford for now.

  9. #9
    Thanks for the recommendation It appears their site is under maintenance right now. Can you tell me what their general rates are including setup and monthly fees?

    Thanks,
    Steve

  10. #10
    Originally posted by thetopguy
    Contact Corey thru his site above. We have been using his services now for about 3 months I would say. Processing between $200-400K a month. Extremely happy with the services that he set up and the extra miles he has gone through. I have even referred his services over to family and friends. I know he cannot say anything here due to the TOS; you will be happy with their services. I know I am.
    Did you start off at that volume and were you a startup when you opened your account through Corey? The main problem we have is that we are a startup and companies view us as a high risk because of that.

    Thanks,
    Steve

  11. #11
    Originally posted by VanHost
    Hey Steve,

    Welcome to WHT, nice to have you here. In terms of features from the potential processor, are you looking to integrate it into an existing shopping cart system, or are you going to program your site for the new processor?
    Thanks! I've actually been a long time lurker at WHT - doing research and all.

    As far as features, we are having a custom shopping cart built because we have very specific needs. Our programmers have already determined authorize.net should fit our needs. Here is what we need from a merchant processor and/or gateway:

    1. Make pre-authorizations that will reserve certain funds on CC.
    2. Ability to change the pre-authorized amount before final charge completion. (The changes will only involve lowering the amount, not raising it.) Our programmers have built in a system that will automate these changes, but we would still also like the ability to do it manually.

    Thanks to everyone for your help!
    Steve

  12. #12

    high volume

    You might want to try signature card services if you have good credit.

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