Hello Keith,
Good points. From the authorize.net online info, my understanding is
that:
http://www.authorize.net/support/csfaqs/#142133
#9 The Credit Card Interchange System passes the appropriate funds for the
transaction to the Acquiring Bank.
I guess I'm not clear on who that is, and how to set that up. I know my
client has a merchant
account with Soveirgn Bank. My client is a 35 year old business, so I'm sure
they have
good rates.
So we want Authorize.net to transfer the funds to Soveirgn when the CC
charge is completed.
Any further info?
- Ben
----- Original Message -----
From: "Keith Casey" <[EMAIL PROTECTED]>
To: "NYPHP Talk" <[email protected]>
Sent: Sunday, September 23, 2007 12:10 PM
Subject: Re: [nyphp-talk] [OT] Authorize.net & banks.
On 9/23/07, Ben Sgro (ProjectSkyLine) <[EMAIL PROTECTED]> wrote:
Which banks work with authorize.net? Do all banks work w/the service?
Does anyone know where to find such info.
I might be a bit off in the terminology, but there are three players
in the process.
* First, there's your bank where you should have a Business Checking
account. I used Wachovia when I set mine up in Jan 2005. I think any
Business Checking account should work, but supposedly personal
accounts do not.
* Then there's Authorize.net which is the payment gateway/processor
(incorrect term?). Your customers put their CC info there.
* Finally, between them is another bank which handles the transaction
between Authorize.net and your bank. They do the deposits, etc. I
did mine with Wells Fargo.
Shop around on rates - the discount rate is their cut. Dating sites
will lose more (6+%) while established businesses are usually much
less (2-3%). I got 2.19% when I did mine. And carefully watch your
chargebacks.
kc
--
D. Keith Casey Jr.
CEO, CaseySoftware, LLC
http://CaseySoftware.com
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