UPDATES - VISA Regulations for Internet Merchant Accounts
VISA..."who mandated the $750.00 charge?"
Well.....I promised you an update on my findings.
They are as follows:
a) I spoke directly with an agent from Bank of America regarding the proposed "mandated" charges from VISA for all CC-Bill, I-Bill, EPOCH and Paycom accounts.
(Bank of America happens to be the financial institution for CC-Bill)
b) In return..he also spoke directly with VISA regarding this matter.
c) The answers were "exactly the same"
VISA "DID NOT" mandate the proposed $750.00 charge. The individual Internet Billing Companies imposed the charges.
I contacted my financial instution with regards to acquiring my "own" Internet Merchant VISA/Mastercard Account!
(mental note: he had not heard of this $750.00 "mandate" that was supposedly spearheaded by VISA either)
I was quite suprized to say the very least!
All of thee nasty rumors about the "HIGH COST INVOLVED" in cutting out the "middle man" and providing your own Internet Billing Processing is but merely a myth!
IT IS CHEAPER to acquire your own Internet Merchant Account.
Initially...the 1-time upfront charge is substantially cheaper than the $750.00 Shared Merchant Program offered by "all" 3rd Party Internet Billing Companies at this point. And that is just the beginning of the savings!
You do the math...would you rather pay 30% to process your current transactions....or 2.4% ?
(rates will vary amongst financial institutions, but mine happens to offer the 2.4%)
CALL YOUR FINANCIAL INSTITUTION FOR DETAILS!
Do yourself a huge favor by atleast inquiring....and avoid jumping on the "YOU HAVE NO OTHER OPTIONS" bandwagon!
My irritation with this whole mess....and because I have nothing to loose...(snickering noises go here)...instigated the idea that it mite not be a bad idea to write a letter to The US Department of Justice, and request an investigation.
Details of that inquiry/investigation are not yet public record.
But when I receive an update....I would be more than happy to share those findings with you.
(thinking noises go here)
CONSIDER ALL OF YOUR OPTIONS....it's a bit of work to fill out paperwork...but...in thee long run...you will put the "hard earned" money back in your pockets....instead of someone else's.
Thanks Lisa for your post thats what I stated before that if they are going to charge these extreme fees then why not just go and get a merchant account yourself its not that hard these days to obtain one, however paypal 2checkout and others are great for the small it mid size companies but as you gain customers it would be wiser to obtain your own merchant account, it shows security in the business that you can stand on your own
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If in fact Visa did not themselves bring upon these fees, I agree, there does need to be an investigation in regard to these third party processors that say there is a yearly fee.
Maybe if enough people inquire with Visa directly, they themselves will do a little investigating... like fraud -- those third party processors were stating Visa brought on these extra fees, while it was actually the third party processors that brought these on.