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  1. #1

    Personal Bank Accounts and 3rd Party Payment Processors

    I'm really new at e-commerce, so I hope you guys can help me out.

    Here's how it stands: I'm outside the US, and I dont have a merchant account (only a personal savings account). I would like to get on the e-commerce wagon by accepting payments online. Since I dont have a merchant account, I will be forced to deal with 3rd party payment processors like ccavenue, worldpay, paysat, etc.

    So here's the thing:

    1. Can I use my personal bank account to receive my funds from these companies?
    2. Is it even a good idea?
    3. Can these companies withdraw funds from my account without my authorization?

    Thanks!
    Roy Cantor
    web / flash designer
    www.sturmdogg.com

  2. #2
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    You can use your personal bank account to receive money from some 3PP. If in fact it is a savings account, you might need to verify with the bank that your account can receive electronic transfers.

  3. #3
    Join Date
    Feb 2005
    Location
    Europe
    Posts
    391
    No those processors won't be able to withdraw funds from your account without your permission. As the 3pp would have all your money at their merchant account, untill all the things like chargebacks are carried out, and just then they'll transfer those funds to your account.

  4. #4
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    Sorry I did miss the last question. And actually the answer is possible. It all depends on the terms of service that you agree to as far as the organization withdrawing money from your account. I know that Paypal can do this in attempt to recover certain fees.

  5. #5
    I just talked to their live customer support.

    They said they wont be able to withdraw funds from my account without sending them a written permission as well as verbal instructions given to the bank to allow them to withdraw.

    What do you guys think?
    Roy Cantor
    web / flash designer
    www.sturmdogg.com

  6. #6
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    I would just get that in writing as well. It all depends on your bank usually (what they allow). I would review their TOS to see if anything is in there about it

  7. #7
    Join Date
    Jun 2005
    Posts
    3,448
    Hi sturmdogg, if you are Outside US how did you actually open a savings account?? I guess its not a US savings account right?

  8. #8
    Hi nibb. It's a local bank account, not a US one.
    Roy Cantor
    web / flash designer
    www.sturmdogg.com

  9. #9
    Join Date
    Jun 2005
    Posts
    3,448
    Them you are screwed like most foreigns.

  10. #10
    Join Date
    Feb 2005
    Location
    Europe
    Posts
    391
    Corey, If you're working with 3pp they can not take money from your account, but if there occur some problems they can not send money to you. Anyway it depends on Bank as some take hold fees to solve those problems.

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