Armory Sponsor
Posted: 3/11/2009 3:34:33 PM EDT
|
Hello all, I have been looking into processing credit cards for my wife’s photography business and for my soon to exist firearms business. Does anyone have any merchant account providers that they would recommend or any that I should stay away from? I would like to be able to do internet, keyed, and swiped transactions if possible.
Any advice is greatly appreciated. 
|
|
When we opened my wifes business we went with our bank, Wachovia. We got tons of flyers from all the small CC processors when we got our business license, but all of them had higher fees (both per transaction and %) than what Wachovia offered.
If you havent bought a CC machine yet, consider buying a used one online.. A friend who sets up merchant accounts for a living (and sells the machines) gave us the name of a good place to buy a machine for much cheaper online (and it still had a warranty) good luck Brian |
|
Here's some links you may find useful.
Visa Acquirer List About Visa for Merchants Same for MasterCard you have to register to see their acquirer list. The sites above are a good starting point. IMO it would be helpful to read through and understand how the transaction processing occurs, your costs (discount rate), required funds on hand/account and the charge back process. If you're not interested in Visa or MasterCard I'm sure Discover and AMEX have similar site information available, though those are less frequently utilized when compared to Visa and MasterCard. Just to be clear if you're new to this: the acquirer is the bank or institution that you as a merchant would work through not directly VISA or MasterCard. Your direct relationship is with the acquirer/bank and then a lesser extent with Visa or Mastercard. The acquires/banks are customers (really paid members) of the Visa and/or MasterCard network and together they provide the infrastructure for the transactions to take place. You do have some obligations as a merchant is you elect to receive payments through their brand so read the small print.. As someone else mentioned shop around for the bank that can provide the best service to you and that you feel comfortable with. Good luck |
|
When we looked for ours we had to avoid First Data has they've shown that they're hostile to firearm-related businesses, especially manufacturers and distributors. So, we ended up with First National Merchant Solutions (they also handle the NSSF and the NRA). Their fees were also on the lower end of the scale compared with some of the others we checked.
|
|
Just as a warning.. Since Aug we have not been using the cc machine that often and we have been hit with a $38.50 monthly fee even when we didnt use it at all.. Previously our monthly charges were very close to what I calculated them to be so we didnt realize we had the minimum fee.
So verify any minimum monthly fees if you dont think you will be charging a lot at times.. Brian |
|
Quoted:
i will check with my employer tomorrow. He was using First National but recently switched to a card serviced provided(?) or affiliated with the NRA. He said he got slightly better rates. The NRA-affiliate provider is First National Merchant Solutions through First National Bank Omaha. That's who we use. NSSF recommends them also. |
Armory Sponsor