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Merchant Account to accept BIG transactions?

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URL: http://forums.romancart.com/forum_posts.asp?TID=11376
Printed Date: 28 March 2024 at 8:28pm


Topic: Merchant Account to accept BIG transactions?
Posted By: Alpha Luxury
Subject: Merchant Account to accept BIG transactions?
Date 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



Replies:
Posted By: Nobby
Date 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


Posted By: Alpha Luxury
Date 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


Posted By: mobilecadsurveying
Date 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.

-------------
Measure - Survey - Draw in ONE operation Fast Accurate CAD Floor Plans.

Point - Shoot - Drawn!

http://mobilecadsurveying.co.uk - CAD Drawing and Surveying for Office and on Site


Posted By: Alpha Luxury
Date 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


Posted By: Alpha Luxury
Date 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....?


Posted By: Dave P
Date 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?

-------------
Regards,

Dave P.
http://www.honeypotgifts.co.uk - Gifts for all at HoneyPotGifts


Posted By: Alpha Luxury
Date 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.

:)


Posted By: Support
Date 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


Posted By: Alpha Luxury
Date 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


Posted By: mobilecadsurveying
Date Posted: 18 October 2010 at 2:24pm
I think you are reading into this a lot more than you should be and creating problems that aren't there? There is no registration at all.

You just create a button in RC that says Click Here to Pay by Bank Transfer, it takes seconds, when the customer hits your checkout they click on the button, then continue with checkout, they are then automatically sent the Bank Details so they can make the BACS payment,we use it all the time have no problems with it and if need be at that stage you have already collected all your customer details so you can call them and ask when the BACS payment will be made.

We receive payments by BACS all the time and pay ALL our suppliers by BACS, it couldn't be easier and best of all no charges or costs to us.

-------------
Measure - Survey - Draw in ONE operation Fast Accurate CAD Floor Plans.

Point - Shoot - Drawn!

http://mobilecadsurveying.co.uk - CAD Drawing and Surveying for Office and on Site


Posted By: Alpha Luxury
Date Posted: 18 October 2010 at 10:23pm
Thanks mobile. I know, its something i do alot - look too far into things. Go from A to Z to get to B... lol!

Thanks for your advice.

I feel alot better now about accepting bank transfer as a payment option, after reading all the replies re: this.

Thanks

:)


Posted By: raineshoe
Date Posted: 20 October 2010 at 11:12am
Originally posted by mobilecadsurveying mobilecadsurveying wrote:

You just create a button in RC that says Click Here to Pay by Bank Transfer, it takes seconds, when the customer hits your checkout they click on the button, then continue with checkout, they are then automatically sent the Bank Details so they can make the BACS payment,we use it all the time have no problems with it and if need be at that stage you have already collected all your customer details so you can call them and ask when the BACS payment will be made.



How are they automatically sent the details. I can only assume you mean that you enter it so when they click the button and go to the next screen they get the details.


Posted By: Red
Date Posted: 20 October 2010 at 1:31pm
We receive payments by BACS all the time and pay ALL our suppliers by BACS, it couldn't be easier and best of all no charges or costs to us.

Re above do you deal with overseas customers? ie are there no charges then? and how do you know when you receive a payment and which order that relates to so you can mark it as paid.
Red



Posted By: Alpha Luxury
Date Posted: 20 October 2010 at 5:26pm
Hi, I am currently asking customers to put their order number on as reference. However, I don't think that it would cause such a big problem, as it is only a very small niche, and I would only expect to get 4 or 5 orders a month at the very most. Theres only 4 products I sell, and each one is very much a set price. So I think it should be relatively simple.

I don't deal with overseas customers, so thats ok.

I know it is really simple, but i wish it could be as simple as they get directed to a screen where they could put their bank details in, and click ok, and it gets paid straight into my bank, that would be great..or is that me just being lazy....? :)


Posted By: Red
Date Posted: 20 October 2010 at 6:06pm
Hi Alpha. yes I can see it working OK for you as you only expect a small number of orders per month so I would think it easy to keep track. I was simply asking mobile as I was interested in how easy it was to keep track of payments and know when a payment had been received in order to mark the order as paid.
Red


Posted By: Alpha Luxury
Date Posted: 20 October 2010 at 6:10pm
Ok, Good luck I hope you can give it a go, and runs ok. I hope it will do for me too! Take Care.

:)


Posted By: mobilecadsurveying
Date Posted: 23 October 2010 at 9:19pm
Originally posted by raineshoe raineshoe wrote:

Originally posted by mobilecadsurveying mobilecadsurveying wrote:

You just create a button in RC that says Click Here to Pay by Bank Transfer, it takes seconds, when the customer hits your checkout they click on the button, then continue with checkout, they are then automatically sent the Bank Details so they can make the BACS payment,we use it all the time have no problems with it and if need be at that stage you have already collected all your customer details so you can call them and ask when the BACS payment will be made.



How are they automatically sent the details. I can only assume you mean that you enter it so when they click the button and go to the next screen they get the details.


Yes that and also the bank details are in the Order Confirmation email they receive from us.

-------------
Measure - Survey - Draw in ONE operation Fast Accurate CAD Floor Plans.

Point - Shoot - Drawn!

http://mobilecadsurveying.co.uk - CAD Drawing and Surveying for Office and on Site


Posted By: mobilecadsurveying
Date Posted: 23 October 2010 at 9:22pm
Originally posted by Red Red wrote:

We receive payments by BACS all the time and pay ALL our suppliers by BACS, it couldn't be easier and best of all no charges or costs to us.

Re above do you deal with overseas customers? ie are there no charges then? and how do you know when you receive a payment and which order that relates to so you can mark it as paid.
Red


We receive lots of payments from overseas, either by card, paypal or International Money Order, the customer pays the IMO fees usually but sometimes they forget and we have to cover part of them, it depends on how they submit their form with their bank. As we don't get dozens of this type of transaction per month tracking them is very easy via our online banking. I ask all customers to use the RC Invoice number when they make IMO or BACS payments that way they can be allocated easily.


-------------
Measure - Survey - Draw in ONE operation Fast Accurate CAD Floor Plans.

Point - Shoot - Drawn!

http://mobilecadsurveying.co.uk - CAD Drawing and Surveying for Office and on Site


Posted By: mobilecadsurveying
Date Posted: 23 October 2010 at 9:26pm
Originally posted by Alpha Luxury Alpha Luxury wrote:



but i wish it could be as simple as they get directed to a screen where they could put their bank details in, and click ok, and it gets paid straight into my bank, that would be great..or is that me just being lazy....? :)


That cannot happen as they would have to be logged into their own bank to make the transaction to acces their funds and also of course to make it all secure. As you only expect a handful of transations per month it takes no time anyway to do what you want to do.

-------------
Measure - Survey - Draw in ONE operation Fast Accurate CAD Floor Plans.

Point - Shoot - Drawn!

http://mobilecadsurveying.co.uk - CAD Drawing and Surveying for Office and on Site


Posted By: Alpha Luxury
Date Posted: 23 October 2010 at 10:15pm
Thanks. Im now doing this, by putting a note on the confirmation screen to say please note the Order number and customer name on when they make the bank transfer transaction with their bank.
Iv not give them the name on the bank account though, just the sort code and account number... would this cause a problem do you think?


Posted By: mobilecadsurveying
Date Posted: 24 October 2010 at 9:44am
Originally posted by Alpha Luxury Alpha Luxury wrote:

Thanks. Im now doing this, by putting a note on the confirmation screen to say please note the Order number and customer name on when they make the bank transfer transaction with their bank.
Iv not give them the name on the bank account though, just the sort code and account number... would this cause a problem do you think?


Well we give them everything, if they have your sort code and account number anyway you may aswell give them the bank account name too and to be sure about this, the last thing you want is for them to pay someone else instead

-------------
Measure - Survey - Draw in ONE operation Fast Accurate CAD Floor Plans.

Point - Shoot - Drawn!

http://mobilecadsurveying.co.uk - CAD Drawing and Surveying for Office and on Site


Posted By: raineshoe
Date Posted: 24 October 2010 at 10:18pm
Whatever happens they have to commit to get the bank details ie commit to buy otherwise they can't see them so shouldn't be a problem. They do need other information to really take any fraud further so unless someone has hacked you or been through your bins you should be relatively okay.



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