Hello Pete,
Thanks, that's my understanding of it now.
I spoke to authorize.net this AM and they cleared it all up.
We are going to use them and wells fargo as our merchant service provider
and they can deposit the funds into my clients bank.
Of course, the fees do add up.
Yeah, the fees are about $2.75 per $100.00.
- Ben
----- Original Message -----
From: "Pete Czech - New Possibilities Group, LLC" <[EMAIL PROTECTED]>
To: "NYPHP Talk" <[email protected]>
Sent: Monday, September 24, 2007 4:52 PM
Subject: Re: [nyphp-talk] [OT] Authorize.net & banks.
(long time lurker, occasional poster)
That is how it works. I have an account with Authorize - they capture
the transaction. Then they send it to my merchant account, say, wells
fargo, who in turn takes the money and transfers to my checking
account. Authorize just runs the authorization and then sends the money
to the merchant account bank. Kinda confusing but it works without
hiccup. Of course, the fees do add up.
When I signed up with wells fargo, i got authorize for free. Maybe they
still do this but this was years ago.
pjc
Ben Sgro (ProjectSkyLine) wrote:
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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--
Pete Czech
Lead Guru
New Possibilities Group, LLC
http://npgroup.net
973.931.8283
AIM: PJCzech
_______________________________________________
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http://www.nyphp.org/show_participation.php
_______________________________________________
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