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  1. #1

    questions on CC processors

    i am pretty new to such CC processors and i wish to understand a little more about it.

    2CO seems like a good processor and their price are quite okay.
    i went to 2CO's website and they have a number of their features which i don't understand...
    1. "No SSL certificate to buy"
    I don't really know much about SSL. I only know that SSL is to make sure information entered are encrypted and will not get stolen. How does get stolen when you are just posting the form?
    Is it a must for all CC transactions? will it still work if there isn't this SSL?

    2. "5.5% of Sale Amount"
    Do you consider this high or average? I see stormpay is about 6.9% but they have no setup fee or any montly fees at all.

    3. "Check Payment or Low Cost Wire to Non U.S. Bank Accounts"
    If I want to make a transfer of my funds from 2CO to a Non US bank account, how would it be like? I don't understand what check payment and cost wire are. Will there be any charges implied when I transfer them to my bank account which is not an US bank account?

    4. I went to try its demo and it says that it will create a link or something to let your customers to click on it. I am just think would that mean on the page where your customer is entering their CC information, the URL bar on their browser will show 2CO's address? Could they enter their CC information on our own site instead of creating a link from 2CO that links the customer to 2CO to do the transaction? Because if this is the case, would it be like the design of your site would be different when at 2CO's fill up page.

    5. Is there any minimum sum of money before you can withdraw from their 2CO account? And is that $49 one time payment and the transaction rates the only thing I have to pay? Also, can I use it on like 2 or 3 different websites on a single 2CO account to process customer's CC?

    Thanks a lot. I am really new to this. It would be really nice if somebody can make me understand how this works.
    Thanks!

  2. #2
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189

    Re: questions on CC processors

    1. "No SSL certificate to buy"
    I don't really know much about SSL. I only know that SSL is to make sure information entered are encrypted and will not get stolen. How does get stolen when you are just posting the form?
    Is it a must for all CC transactions? will it still work if there isn't this SSL?
    When 2CO states no SSL for you to buy - what they mean is you will be using their secured webpage to checkout (they are basically a third party processor (3PP), you are using their merchant account account to accept credit cards). The data being transmitted from the browser to the server is one of the most vulnerable places. Encrypting it at 128bit helps to alleviate that.
    2. "5.5% of Sale Amount"
    Do you consider this high or average? I see stormpay is about 6.9% but they have no setup fee or any montly fees at all.
    Both StormPay & 2CO are a 3PP. It is not your own merchant account. Consumers will be directed over to their website to make payment. As far as fees are concerned, it all depends on your location.
    3. "Check Payment or Low Cost Wire to Non U.S. Bank Accounts"
    If I want to make a transfer of my funds from 2CO to a Non US bank account, how would it be like? I don't understand what check payment and cost wire are. Will there be any charges implied when I transfer them to my bank account which is not an US bank account?
    I do not use 2CO, other people on here do and can answer that. You would also be best to ask 2CO as well to always verify any answers.
    4. I went to try its demo and it says that it will create a link or something to let your customers to click on it. I am just think would that mean on the page where your customer is entering their CC information, the URL bar on their browser will show 2CO's address? Could they enter their CC information on our own site instead of creating a link from 2CO that links the customer to 2CO to do the transaction? Because if this is the case, would it be like the design of your site would be different when at 2CO's fill up page.
    If you want the consumer to enter their information on your secure webpage, you need a merchant account & an electronic payment gateway that gives you an API to handles CC transactions on your own website.
    5. Is there any minimum sum of money before you can withdraw from their 2CO account? And is that $49 one time payment and the transaction rates the only thing I have to pay? Also, can I use it on like 2 or 3 different websites on a single 2CO account to process customer's CC?
    2CO pays you twice a month. Yes you should be able to use it on multiple websites as long as you are not selling any products or services that are against 2CO's AUP

  3. #3

    Re: Re: questions on CC processors

    Both StormPay & 2CO are a 3PP. It is not your own merchant account. Consumers will be directed over to their website to make payment. As far as fees are concerned, it all depends on your location.
    Isn't this very inflexible? If I were to have a service that allows users to set their own price to sell(like an auction for example), can such 3PP still be used since they need me to define the price on the account first to have the link?

  4. #4
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    Well you will always need to define a price. Usually you have a form of sorts. And one of the inputs is the total price that you are going to be passing thru - either the payment gateway or over to the 3PP

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