Need urgent advice about payment processing for my website
I had a question about payment processing for my website, and any help would be greatly appreciated. I'm building a website where users will pay $1.00 for access to my website, can earn money on my site, and then can "cash out" to receive the money the earned.
What service(s) would you recommend for doing this?
Is there any way to avoid/minimize fees on their $1.00 submission, and also on the money they "cash out"?
Do I need to set a lower limit on how much they can check out, or could they theoretically withdraw $1.00? Will they get charged a fee for "cashing out" this money? Any idea how much?
You're going to face around $0.30+ 2.9% to 5% per transaction depending on the processor no matter what.
I'm not sure which processor you should use but PayPal comes to mind - read their terms though because what you are wanting to do sounds like it would violate just about every payment processor's guidelines in one way or another.
I'm confused - they would take 30 cents out of a $1.00 payment? What am I doing that violates payment processor guidelines? Would a merchant account bypass this?
Yes, transaction fees are usually along the lines of $0.20~0.50 per transaction plus a percentage in the range of 1.9% to 5 or 10% depending on how much business you do every month and many other factors.
Contact PayPal and Authorize.net and see what they have to say.