I want to build on line medical equipment store. What are things I need to get running? Which are the honest?
Jul 29, 2009
in
Credit Card Processing Questions
and good price web companies to make and maintain my company Web Site ? How I take good pictures of my products and put them on web.Who are cheap 800# telephone companies ,so my cutomers can reach us to order products and which are good and honest Merchant Account companies which can help Credit Cards payments? How much it is going to cost me ?Any body with personal experience? LOTS OF THANKS.
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2 comments
Jason Bordeaux on July 29, 2009 at 11:52 pm
I can offer some merchant processing information for you.
Visa and MasterCard, the card associations, receive the majority of the fees that merchants pay for their processing services. The remainder of the fees, or the margin, is what the merchant processor receives. The card associations have designated over 240 different card categories that each merchant processor must recognize and process. Every merchant processor, no matter how big or small, is charged the same rates and fees by the card associations and every merchant processor differentiates each card category utilizing exactly the same card category name as designated by the card associations.
The card categories are designated in the following manner:
1.)Industry – Retail, Restaurant, Hotel, Government, Utility, Service Industry, Gas Station, Supermarket, etc.
2.)Type of Card – Personal Visa or MasterCard, Visa or MasterCard Debit, Visa Rewards, MasterCard World, Commercial Visa, Corporate MasterCard, etc.
3.)Method of Processing – Face-to-Face (swipe), Mail Order/Telephone Order, Key Entered, E-Commerce, etc.
4.)Processing Efficiency – Address Verification, Authorization/Settle Match, Timeliness of Settlement, etc.
You will be selling equipment and supplies to professionals, so it is reasonable to expect that you will process mainly corporate cards. This is where it can get a little murky. Most merchant processors only disclose their "discount" rates and charge an additional fee for Visa and MasterCard corporate cards as well as other specialty cards that your clientele will use. Be sure to get all of the info you need to make an informed decision. You will most likely be paying over 2% of your gross sales to process cards.
Also, you will need a gateway to accept cards over the internet. There are plenty of great applications that will allow you to do Mail Order/Telephone Order/Ecommerce utilizing the same solution.
If you would like more information about merchant processing, feel free to contact me at jbordeaux@windriverfinancial.c… or at (920)993-9433. Wind River is a merchant processor that specializes in offering well supported, competitively priced, custom processing services.
misscanada_y2k on July 29, 2009 at 11:52 pm
Not sure where you live but here is BC Canada we offer Self Employment Programs that provide all that information. It’s a great idea, you just need help and advise of where to begin. There are also books on self employment, check out Chapters on line.
Good luck!