What Credit Card Payment Options Are Available
The primary decision will relate you whether you already have a merchant account or not, and how many transactions you intend to put through.
No Monthly Fees, Higher transaction fees, Faster Setup
- Stripe
- Paypal
- eWay
- PinPayments
Monthly plans with lower transaction fees, use my existing merchant account...
- Windcave
- Worldline / Paymark Click
- Paystation
- Verifone
- Flo2Cash
Payment Plans
- AfterPay
- Zip
- Humm
POS Compatible
- Windcave
- Verifone
Other
- WorldPay
- PoliPay
- Payoneer
- Wise
Other Payment Options (Non Credit Card)
Obtaining a Merchant Account
In order to accept credit card payments online, you will need to have a "card not present" merchant account agreement with your bank. This type of merchant account means you will never actually swipe, nor sight the credit card with your own eyes, nor see nor compare the signature during the transaction process.
Merchant accounts and transaction fees are not cheap for 'card not present' transactions. Typically "card not present" merchant accounts cost up to $50 per month, and up to 8% in transaction fees. The transaction fees are higher because it is a greater security risk for the banks with internet transactions.
Required Information
In order to calculate the most economical price for your merchant account, you will want to have the following information for your bank.
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The average "ticket size": (how much would a typical transaction be? e.g. $50)
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The expected turnover: (how much will your turnover gross each month? e.g. $10000 per month)
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Currencies you want to transact in.
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Other reasons why you will not have chargebacks.
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Other reasons how you validate the authenticity of the customer.
Typically you should contact your current bank for information about obtaining a merchant account. Phone your bank account manager to ask about setting up your merchant account. Someone from the bank's central office will then call you back within 48 hours to discuss your requirements.