We've got a high-priced service (9K to 15k) we'd like to be able to process credit card payment online. And our client-base is worldwide. Can this been done? Right now, we take all payments via phone.
- Any conversion elements you'd suggest that would make you feel comfortable paying that price online? - How do we protect ourselves from chargebacks and fraud? - What merchants have competitive rates on that price?
What I do is I have the entire process online for the customer to order but after tehy click submit, I have a message come up that says some sort of code and that we need manual approval. We then email an invoice after a call and have them sign the cc auth.
Nothing protects you better than a phone call and a signature and once the customer has gone through the trouble of ordering, they usually want the product anyhow.
As far as merchant accounts - that's impossible to answer because they base so much on your history. My concern would be volume though, not rate. The rate should be lwo on a shipped good.
Let's assume the United States. Some providers might be restricting on that ticket amount because one chargeback can put you over the chargeback limit.
As far as preventing chargebacks, you can't. Sure you can make them sign a form which will help for some, but it won't help on the ones that say the service was not what was expected or delivered at the time you told them
If you are going to be swiping the card, it would probably be easier for you to get the account. The provider would want to review your financials as well to make sure you could cover the chargebacks if that were to happen.
You might also speak with an attorney to help you with a TOS since there will be students who pay but then do not show up and want a refund.
Some processors might want you to break the transaction as well.
As far as the type of account, consider getting both - swiped and keyed. You can then get a mag stripe reader and get the processor to charge you for a swiped rate, which could save you around $60 for each transaction.