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  1. #1

    How to get a merchant account ID directly from a bank ?

    If yes pls recommend me some banks.

    Thank you.
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  2. #2
    Join Date
    Dec 2006
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    You will need to go through an MSP/ISO or similar to become your own MID.

  3. #3
    Is this process easy or hard ?
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  4. #4
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    You have to go through the application process. You will need to provide your corporation documents, bank details and some standard documents. If you do high volumes, you may be asked to provide additional documents such as bank statements and financials. Good Luck!

  5. #5
    Join Date
    Dec 2006
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    Europe
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    It isn't that difficult, as already mentioned then you have to provide some documents and to sign a contract thats all, it will take you less then 1 hour.

  6. #6
    Join Date
    Aug 2003
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    Is your goal to obtain a merchant account? Or to become a provider of merchant accounts? The process varies considerably based upon which direction you are wanting to go.

    Also, what geographic area are you based in and/or wanting to service?
    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!

  7. #7
    I just want to obtain an internet merchant ID from the bank just for my business .
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  8. #8
    Join Date
    Dec 2007
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    Montreal
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    Are you in the US?
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  9. #9
    Join Date
    Apr 2004
    Location
    SF Bay Area
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    876
    Quote Originally Posted by 123x View Post
    I just want to obtain an internet merchant ID from the bank just for my business .
    Not all banks provide merchant processing services. In fact, I believe most don't. The big boys like BofA and Wells probably have a merchant card services division. If you know your bank does in fact have a merchant card processing service, you should get the application from them directly.

    You can also find a merchant processor - there are hundreds if not thousands on the Internet - compare rates, percentages, look at some of the ratings of merchant providers here in WHT, etc. - send in your application with your business bank account on it, the merchant processor approves it and gets you setup to accept credit cards and you're done. May take 3-5 business days to get the whole process done but it's not terribly difficult.

    Be very careful that you understand all the various fees and monthly expenses involved in accepting credit cards. I was pretty surprised at how nickel-and-dimed I felt. If you have the volume to justify the fees though you probably won't notice those expenses as much.

  10. #10
    Join Date
    Aug 2003
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    Chesapeake, VA
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    If you are looking to obtain a merchant account for your own use, keep in mind that ANY merchant account that you sign up - whether it is from an ISO/MSP or a bank - IS a bank-sponsored merchant account.

    In fact, most smaller banks simply act as agents representing an ISO/MSP or one of the few larger banks that have direct acquiring programs.

    However, regardless of the channel by which you sign up, at the end of the day ANY merchant account you have is going to be sponsored by a bank.

    In addition, 100% of ALL funds transfers on ANY merchant account are handled on a direct bank-to-bank basis. That is the nature of the way the Visa & MasterCard settlement & clearing systems work.

    Thus, there is no inherent advantage in signing up with a bank for a merchant account vs. an ISO/MSP in terms of security, funds safety or other related issues.

    If you are a retail merchant with card present sales, most bank merchant account programs are fine. However, if you are an Internet merchant, banks are usually like fish out of water in terms of any ability to provide technical support or any real knowledge of your business model or how these processes work.

    They will be happy to underwrite an account if it meets their criteria and setup a 3rd party gateway but that is pretty much where the support stops for most banks.

    That is why I have always been an advocate of selecting an experienced ISO/MSP in the Internet merchant processing industry who works with businesses just like yours. By obtaining a merchant account with such a processor, you'll be much better off and still have the full security of a bank standing behind your processing.

    Plus - if you are in the U.S. - you have a huge number of great options to choose from.
    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!

  11. #11
    Yes I am In USA. I have seen that most of the 3rd party ISO/MSP agents terminating or putting flags immediately if they have some amount of chargeback's. That's the only reason for me to go with a bank directly. What do you think ?

    coz as you know when you do internet business chargeback's cannot be avoided.
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  12. #12
    Join Date
    Aug 2003
    Location
    Chesapeake, VA
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    To be perfectly honest, I think you stand an even greater chance of running into an issue with a bank who is unfamiliar with Internet merchants than with an ISO/MSP who is.

    The important thing to realize is that chargeback ratios presets and "flags" are set by risk departments who work at banks and ISO/MSP's and Visa & MasterCard themselves track chargeback compliance ratios on entire portfolios as well as on individual merchants if the situation goes past certain pre-defined limits. Visa/MasterCard set the overall rules & guidelines but the implementation is up to the acquirer who boards and manages the merchant account.

    So by working with a bank directly vs. an ISO/MSP and their sponsoring bank, you really aren't escaping or avoiding any of that at all. In fact, I think that in most cases, you are going to put yourself even more on the radar in a lot of cases. The less experienced a bank (or ISO/MSP) is with dealing with Internet merchants, the more risk adverse they are going to be. At the first sign of trouble on an Internet merchant account, their immediate conclusion might be to close down the account or take more aggressive than is warranted action on it.

    That said, when selecting a ISO/MSP - you need to really ask them about their risk policies. What kind of tolerances do they have for the occasional month where the CB ratio exceeds the 1%? Do they automatically put a hold on the account? Is it fully automated or do staff members review each situation on a case by case basis? Do they provide any kind of online reporting for your CB compliance so that you can see your stats and trends? How are chargebacks handled? What kind of chargeback representment / reversal support is provided?

    This is the area where there is a HUGE variance between one acquirer and another. One ISO/MSP might handle it one way which creates an endless series of horror stories; while another might handle it in a completely common sense manner that ends up helping a merchant to address the situation and reduce their chargebacks in a prudent manner whereby all parties are satisfied and safer for the effort.
    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!

  13. #13
    Join Date
    Dec 2007
    Location
    Montreal
    Posts
    124
    Well said cdgcommerce. Chargebacks can be avoided. You have to go to the root of chargebacks and see why transactions ended up as chargebacks. Is it the product? Is it the service? Is it from certain geographic location? You need a processor who will help you understand reasons behind chargebacks.
    ACS in Motion Inc.
    Project Development and Risk Management
    www.PaymentGuide.Org | www.ACSinMotion.com
    Tel: (514) 739-6444 Toll Free: (877) 730-6444

  14. #14
    Join Date
    May 2003
    Posts
    267

    Thumbs up

    Alex Pher,

    nice to see people from GS board here
    Amirocms.com

  15. #15
    Join Date
    Dec 2007
    Location
    Montreal
    Posts
    124
    Hey Leksus Buddy, good to see you!

    I needed some information the other day and found it here on WHT so decided to become a member. Besides, business will be quiet for a little while till mid January and I have to pretend to look busy in the office
    ACS in Motion Inc.
    Project Development and Risk Management
    www.PaymentGuide.Org | www.ACSinMotion.com
    Tel: (514) 739-6444 Toll Free: (877) 730-6444

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