Chris, I highly recommend that you find a bank and use the service that they provide. If you start with the 3rd party, you of course are going to have an additional level of fees. Otherwise, your bank should have a workable solution with the service company that they use. They will bundle all of the fees into a single rate that you might be able to shop, depending on how long your merchant has been in business and the average size of their transactions.
Andy -----Original Message----- From: Chris Tilley Bryan or anyone else have any recommendations of a good company to handle all this with minimal cost? I want to do some comparisons. We selected Millenium only because of referral and I really don't know if we are getting a deal (avg fees) or getting taken for a ride? Chris On Fri, 18 Feb 2005 10:58:55 -0800, Bryan Stevenson <[EMAIL PROTECTED]> wrote: > see below... > > Bryan Stevenson B.Comm. > VP & Director of E-Commerce Development > Electric Edge Systems Group Inc. > phone: 250.480.0642 > fax: 250.480.1264 > cell: 250.920.8830 > e-mail: [EMAIL PROTECTED] > web: www.electricedgesystems.com > ----- Original Message ----- > From: "Chris Tilley" <[EMAIL PROTECTED]> > To: "CF-Talk" <cf-talk@houseoffusion.com> > Sent: Friday, February 18, 2005 9:53 AM > Subject: SOT - Ecommerce > > > Hey all, > > > > Sorry if this doesn't belong here. > > > > I'm new to ecommerce and have helped my customer set it up. We are using > > the authorizeNet processing. Is there someway to know all the fees > > associated with ecommerce business? We currently get invoiced by: > > Millenium Bank Services, AuthorizeNet and Concord Payment Systems. This > > is a bit confusing. Could someone that is knowledgeable in this area > > assist me? Why do you have to deal with so many companies to do online > > ecommerce? > > The bank takes some (usually a per Tx fee)....the cardcompanies take some > (usually a percentage of the Tx)...the card processing company takes some > (can be flat fee or percentage of Tx). It does get fancier than that (like > first x Txs cost x per Tx...then after that..less per Tx). > > So there ya go...all companies involved in the Tx get a piece of the > action...and remember...if you buy something in the store....the store gets > charged (by the cc company) a percentage of the Tx for the use of the card, > and a fee to deposit the money (these are transparent to the customer). > Online the only extra fee is the cc card processing company. > > HTH > > Cheers > > > > > Thanks in advance, > > -- > > Chris Tilley > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Logware (www.logware.us): a new and convenient web-based time tracking application. Start tracking and documenting hours spent on a project or with a client with Logware today. Try it for free with a 15 day trial account. http://www.houseoffusion.com/banners/view.cfm?bannerid=67 Message: http://www.houseoffusion.com/lists.cfm/link=i:4:195472 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/4 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:4 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.4 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
