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Best Merchant Account To Choose

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Old 08-19-2005, 11:09 PM
truz truz is offline
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Best Merchant Account To Choose

This is my own personal thoughts in regards to the Best Merchants to Choose. I understand many of you may disregard my thoughts but this is one of the best and safest ways for processing payments. There are TONS! of merchant resellers out there and many of them offer great deals but getting a great deal is not always the best as many of you on this forum knows this in regards to cheaper dedicated server providers. Anyways, I been in the hosting business for a good amount of years, I first started my design site back when featureprice was in business for about a year and was one of the biggest hosts out and also offered the best rates around (1999). In my own thoughts I suggest going with your local banking company. Many of us in the USA are most likly banking with Bank of America which they offer great rates for INTERNET processing. The best thing about going with your local bank is that you dont have to worry if there website or toll free support number is going to be disconnected due to lack of business as most of the banks that go out of business are being bought out by another bank which they continue to serv you for your banking needs. I have seen very many horror stories in regards to resellers, but you have to expect this as they are only resellers so service can lack in ways. I highly recommend using your local personal/business bank as you will be very happy in the end. You wont be coming on here posting that this company is trying to put you out of business or holding funds from your account. I have had zero problems with my bank (Bank of America) I also plan on giving BB&T which is another somewhat big bank getting around now days. Sorry for dragging things out but I'm only trying to help you be successful with your business. Below I will wish a few banks of which I know of, I'm sure there are many more but this is for the ones who wish to check things out online. Most likly if I have not listed your bank below just goto and type there name and it should be #1 on the listing.

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Old 08-19-2005, 11:12 PM
truz truz is offline
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disregard any miss spelled words. I apologize for any inconvenience this might have caused but, no one is perfect

Old 08-19-2005, 11:23 PM
truz truz is offline
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I thought I should also include that I'm not trash talking or leading others away from other online merchants as there are many of them out there that do offer great service. From what I have heard is nothing but problems (going on words/posts from many of clients on this board). I myself started out doing business with which back then they had A+ service. Paypal is alright to go with as a small business or selling on ebay but to be honest when I order from a website and they are using paypal is turns me away from them because if they cant pay for there own merchant account then that must mean either they just started out so they could have issues lets wait for reviews or they are taking the cheapest way out for payment processing which most likly means they will offer a lack of service* (*not everyone). Please dont post any HATE posts as I was only trying to help out.


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Old 08-20-2005, 12:35 PM
Corey Bryant Corey Bryant is offline
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One thing to keep in mind, most banks actually have a separate company that does the processing and then they partner with a merchant account processor (MAP).

For example, Chase the largest ISO / MAP owns Chase Merchant Services which partner with First Data. First Data also partners / owns Paymentech, Sun, Cardservice, Wells Farsgo, and PNC.

Most people do not look at the processing this way - they usually look for the cheaper solutions. And then that is sometimes what gets people into trouble (Paysystems for example).

But having a very large corporation running it can also cause some problems i.e. sometimes customer service is not as personal as some people would like. So you have to weight customer service, reliability, stability, prices - and then once your due diligence is done, that is when you can pick a good MAP

Old 08-20-2005, 10:17 PM
truz truz is offline
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Very well said. Going with your bank is much safer as they choose larger merchant to partner up with. I dont think anyone has not heard of the companies you listed. (First Data also partners / owns Paymentech, Sun, Cardservice, Wells Farsgo, and PNC. ) All larger companies and stable which you know they are not going anywhere. I'm not trying to say all the smaller reseller hosts and smaller merchant resellers are all bad companies, I simply stated its safer to go with your bank as you know they are always going to stand strong. There are many merchants that crash along with web hosts. I myself would much rather go with a larger host provider/merchant. Thanks for your post.

Old 08-20-2005, 10:25 PM
wbpro wbpro is offline
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I wouldn't go with a bank for merchant accounts, Most of them use a separate processor. I think with Global Payment you can get the best rates, use etc etc.

I've been using them for around 3 years and set up all my customers with them, great support and awsome rates.

Jorge Campos | WBpro
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Old 08-21-2005, 01:25 PM
cdgcommerce cdgcommerce is offline
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One of the myths in the credit card industry is that you need to make a choice between using an ISO/MSP or a bank and that by using a "bank" it is a more safe choice.

However, this isn't really the case at all since all merchant accounts are always:
(1) underwritten by an Acquiring Bank that is FDIC-insured
(2) have all funds transfers handled Bank-to-Bank
(3) continue to operate even if an ISO/MSP goes out of business

No ISO/MSP ever "touches" any of the funds from a merchant, unlike a 3rd party processor which directly receives and then forwards merchant funds.

When every Visa or MasterCard transaction is settled & cleared through Interchange, the funds go from the Issuing Bank to the Acquiring Bank and are then disbursed to the merchant's local bank account.

In the event of a risk issue, an ISO/MSP can request its Acquiring Bank to hold merchant's funds in suspense or to divert funds into a non-interest bearing security account at the bank but with a direct merchant account, you don't run into situations like with many of the 3PP's in the past that have held merchants funds and then never paid them out.

So whether you opt to work with your local bank, a big national bank or a well known ISO/MSP who is a specialist in working with your kind of business - your funds are safely protected by the protections provided through the Visa/MasterCard network.

It is also worth adding that while banks are usually ok for Retail Merchant accounts, I've found that they are a very bad choice for Internet merchant processing and they have very little practical experience in that realm and even less ability to debug complex technical issues that can arise from time to time.

In fact, many banks that offer credit card processing to their business clients don't even provide it directly by outsource it to ISO/MSP's who hold the risk and handle the service on it and just pay back a residual portion to the bank that referred the account.

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