We have been actually using Google Checkout exclusively for the year. I have read countless threads in passing on asking which merchant account is right for me. I do not consider myself a novice however this question still makes me ponder for the following reasons.
A little background:
We currently operate with GCO 2% standard + .20 auth fee. We expect to do approx 2M annually, with our avg transaction nearing $500. They have great fraud screening, branding, and works great with adwords.
While we do not have a problem with GCO in particular, the checkout is limited, shipping problems, not having full control of our customer info. Since you can not ask them for their information before checkout, we lose out on accounts, and most of all tracking ability. We can't do conversions in analytics since we can not control the final order page.
So just to keep it short, we are relaunching a new design, with a new cart, and we'd like to implement standard checkout.
Now as far as I know I have the option of going through third party processors(paynet,uns,cdgcommerce, etc.) or we can contact our bank and get a direct merchant account, the later I am told is not too ideal for a company our size, for the following reasons
- Fraud Check is eliminated, it is all up to us - Google was great at this
- Possible Contracts
- They can freeze your bank account directly which would cause great problems
- Fees are not much cheaper than the third party
With our volume, many third party merchant will give us the interchange fee, and just charge for authorization. However I am not sure who we can trust. In that we are talking millions of dollars, I have yet to find a suitable merchant account who comes off as being solid, notable, and most of all friendly. Only one who has come next to this is chase payment systems, however they were not very lenient with their fees. Since GCO is 2% for visa/amex/international etc... we will no doubt be losing some money to fees but we gain control..
So I ask the board, for such a volume, who do you know or even better who do you use who could provide such support and security. I understand 2M is not amazingly large compared to other companies however we will be expanding so we want to stick with one company for a long time.