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Merchant Account to accept BIG transactions?

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Alpha Luxury View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alpha Luxury Quote  Post ReplyReply Direct Link To This Post Topic: Merchant Account to accept BIG transactions?
    Posted: 14 October 2010 at 2:29pm
Hi, I have recently set up a website to sell luxury sports cars. Everything is in place, but before I open my doors, Im struggling to find a merchant accout that will procees payments for me for between 32,000 -88,000 in any single transaction.

I have looke into others, and found that they only process transactions upto 2000, some will process upto 10,000 if you verify yourself.

I just need to know if there are any companies that will do this. If there is, then it will be a simple case of attaching my RomanCart buttons to my payment method i suppose.

Any ideas or suggestions welcome please, as this is really starting to bug me now. :)

Thanks
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Nobby View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nobby Quote  Post ReplyReply Direct Link To This Post Posted: 14 October 2010 at 2:47pm
Hi
To be honest I think you'll have trouble finding a bank to take the risk, unless you have a good long realtionship with your bank and they do Merchant Services.
If you look at it from their point of view, you take a cleared payment of 80k, it goes into your account, you take it out and then there is a chargeback 'cause the card is stolen. That would lead to all sorts of probs for them.

Why not look at Bank Transfers instead?

Cheers
Nobby
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Alpha Luxury View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alpha Luxury Quote  Post ReplyReply Direct Link To This Post Posted: 14 October 2010 at 3:01pm
Yes thankyou. The manufacturer that i will be using does the similar kind of thing, and he says it works fine for his business. So, I might try that.

Thanks
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mobilecadsurveying View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mobilecadsurveying Quote  Post ReplyReply Direct Link To This Post Posted: 16 October 2010 at 3:47pm
For that sort of value I would use BACS (we use that now for large transactions up to 25K) or Bankers Drafts. As others have stated, Chargebacks on large amounts would possibly kill you and the merchant fees on their own would be pretty steep, I know they are with us when we have people put up to 10k on a card, for amounts of 80K it would cost you an arm and a leg.

BACS is the way to go with this, we even have it as payment option on our site, many payments we receive are cleared same day, with no costs to us, so you cannot get better than that.

Edited by mobilecadsurveying - 16 October 2010 at 3:48pm
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Alpha Luxury View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alpha Luxury Quote  Post ReplyReply Direct Link To This Post Posted: 17 October 2010 at 10:12am
I didn't realise BACS was available on Roman Cart. Do you know how i would set this up?

Thanks
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Alpha Luxury View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alpha Luxury Quote  Post ReplyReply Direct Link To This Post Posted: 17 October 2010 at 12:26pm
Iv have just checked out BACS. It seems quite s complicate process, you have to register, and go through all soorts of checks. Then for people who would want to transfer money to you would have to do the same. Its ok for me, as I would be regularly transfering money to my supplier, however ,for customers, it wouldn't be worth their while. They can do a normal Bank trasnfer, however, that means giving them the bank details. Im not so sure about doing this...who knows who could fake ID etc, to gain access ot bank and wipe the bank account clean....?
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Dave P View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dave P Quote  Post ReplyReply Direct Link To This Post Posted: 17 October 2010 at 1:35pm
Originally posted by Alpha Luxury Alpha Luxury wrote:

They can do a normal Bank trasnfer, however, that means giving them the bank details. Im not so sure about doing this...who knows who could fake ID etc, to gain access ot bank and wipe the bank account clean....?


Apart from the fact that hundreds (thousands?) of small businesses already do this without problem, wouldn't you just automatically transfer the money out of that (temporary) account and into your 'real' account at then end of each working day?
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Alpha Luxury View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alpha Luxury Quote  Post ReplyReply Direct Link To This Post Posted: 17 October 2010 at 4:21pm
yes, Iv had a proper rummage around for different ideas, ways, etc, is probably best that way then.

Thanks for your help.

:)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Support Quote  Post ReplyReply Direct Link To This Post Posted: 17 October 2010 at 6:31pm
Hi,
You should speak to your bank for advice on this.
The RomanCart 'bank transfer' payment method, simply lets you give your customer instructions on how to pay you.
Many Thanks
Support
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Alpha Luxury View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alpha Luxury Quote  Post ReplyReply Direct Link To This Post Posted: 17 October 2010 at 8:07pm
Thanks. Ive looked into opening a seperate account with the idea in mind of transferring funds across after transaction.

When you opt to set up bank transfer as a payment method, it shows you a box where u can put info in for customer. It says the following:

Additional Instructions. You can use <orderid>, <invoicenum> and <totalprice> tags in this field:

Would I have to put this in html, I suppose I would so it shows up different order id's invoice number, total price etc for each customers individual order.

Please could someone help me with this please, as in, the html part.
Im a bit of a dunce when it comes to html. I only know the very basics...

Thanks
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