| 10:32 pm on Apr 22, 2002 (gmt 0)|
Hope something is worked out, that could kill some business for everyone out there :(
| 10:43 pm on Apr 22, 2002 (gmt 0)|
I've seen more and more merchants (including moi) going toward real-time online check acceptance. Fabulous service, low set-up (compared to merchant accounts), very, very low monthly fee (under $40/mo), no charge-backs, immediate processing, and if the check happens to be NSF - FREE collection provided. It is much better for merchants because once you are paid (ACH electronically directly to your account in 24-48 hrs.) the merchant is in control of all returns and negotiations. It is much better than dealing with a credit card dispute. Online checking is, IMHO, a much better solution to online ordering - particularly with small amount purchases.
I love it - much prefer it than the credit card option. Although I have a great record for low-to-no chargebacks for my accounts, I still prefer getting the check-processed orders.
| 11:31 pm on Apr 22, 2002 (gmt 0)|
Can you please provide a few links to *reputable* online checking service companies? I'd be VERY interested in this. Thanks.
| 12:42 am on Apr 23, 2002 (gmt 0)|
same here, im sold.
| 1:37 am on Apr 23, 2002 (gmt 0)|
***sent you a sticky with info.
And yes - the deposits from credit cards into my account takes approximately the same amount of time as it does to get the actual funds from a customers cash account put into mine. The best part is - the check funds processor can not and will not go into my account (like credit card processors) and get funds out without my knowledge just because of a customer complaint or dispute.
| 2:36 am on Apr 23, 2002 (gmt 0)|
What about foreign funds and foreign cheque accounts?
| 2:46 am on Apr 23, 2002 (gmt 0)|
Seofan-stickymail me too...
| 2:52 am on Apr 23, 2002 (gmt 0)|
Tapolyai - I hope someone has experience with non-US funds that can contribute some useful info for you. Sorry - I can't.
| 3:19 am on Apr 23, 2002 (gmt 0)|
The greed of banks never ceases to amaze me. I like how they use protecting customers as their excuse when, in fact, they clearly state that merchants should switch to their higher priced network: 3% vs. 6%. Protect the customer my a**. I hope this backfires in their face and everyone just starts using Visa, Amex or Discovery. Serve them right!
| 4:52 am on Apr 23, 2002 (gmt 0)|
Nooooooooooooooooooooooooooo ! There goes my new business I've been working on day in and day out for the last couple of months.
It's not ruined yet, but it's a great loss. :(
| 5:31 am on Apr 23, 2002 (gmt 0)|
Wow, this is really going to hit a a lot of small businesses. And think about what this is going to do to the online auction industry. I've had my own merchant account for 5 years now, and just got another one. They are a pain to get but not impossible.
| 7:12 am on Apr 23, 2002 (gmt 0)|
If they go through with cutting off various places that accept MC/Visa now, I think it just means that it is time for everyone to throw away the MC/Visa and just use an American Express.
| 7:14 am on Apr 23, 2002 (gmt 0)|
Yeah, but that hurts merchants, A_EX charges more.
| 7:30 am on Apr 23, 2002 (gmt 0)|
A lot of small guys can't even do regular merchant accounts. They'll have no choice but to go with CCNow which charges 9%, but technically, they're buying the merchandise from the merchants and they're the vendors, as a Delaware corporation, to the customers.
It'll mean having to raise prices to cover the difference because most work on a low markup to begin with, and it'll be even harder to compete.
Of course the e-checks still work with PayPal, it just takes a few days for the funds to become available, until they clear the customer's bank. I've done a few like that, and the funds are still transferred and in the bank in about a week, all cleared and available.
The small merchants were doing business before PayPal and ProPay, it just costed more.
| 7:31 am on Apr 23, 2002 (gmt 0)|
This topic has surfaced in two other forums:
Professional Webmaster Business Issues
Ecommerce & Ecommerce Promotion
The changes only affect those 3rd party processing companies that are not run through the banks - worldpay and others are not affected as far as i know.
This shouldn't cause any loss off business for anyone - all the business owners need to do is switch to another service like worldpay etc. Sure, it costs a bit of money, but it isn't that much.
It's an easy matter to pass on any additional costs to the customer. Paypal might charge say 3% and another provideer might charge 4.5%. The additional cost for a transaction of $10/£10 is just 15c/15p. Will the customer really notice that? Will the retailer notice it? In most cases, the retailer could swallow that cost very easily.
In fact, there may not be a need to do that as switching to a full service where customers are not forced into signing up for an account could bring extra business. If one sale of a $10/£10 product generates $1.50/£1.50 profit, then one additional sale covers the additional costs of 10 sales.
Looks pretty simple to me.
| 7:36 am on Apr 23, 2002 (gmt 0)|
>>A lot of small guys can't even do regular merchant
>>accounts. They'll have no choice but to go with CCNow
>>which charges 9%,
or they can use one of many other providers that charge less than that. worldpay provide service in the USA for 4.5% no merchant account required. i think netbanx do too. there are plenty of others too.
| 9:12 am on Apr 23, 2002 (gmt 0)|
Are you sure about it not affecting WorldPay? I called them and they didn't know yet... They said that they were working on a statement for all their customers as we speak.
If this goes into effect for WorldPay it will be terrible for me.
| 9:18 am on Apr 23, 2002 (gmt 0)|
How does this affect UK and European Mastercard users?
| 9:30 am on Apr 23, 2002 (gmt 0)|
This is really weird. I called Mastercard head office in the UK and they didn't have a clue about this, and couldn't make any comments on who it will affect.
| 12:16 pm on Apr 23, 2002 (gmt 0)|
>>Are you sure about it not affecting WorldPay? I called
>>them and they didn't know yet... They said that they were
>>working on a statement for all their customers as we
just spoken to them again to check and they say it definitely won't affect worldpay. their marketing department is working on a mailshot or something right now to reassure worldpay customers of this.
| 10:26 am on Apr 24, 2002 (gmt 0)|
>>just spoken to them [WorldPay] again to check and they say it definitely won't affect worldpay. their marketing department is working on a mailshot or something right now to reassure worldpay customers of this.<<
Maybe a co-incidence, but this morning I received an email from WorldPay outlining three time-limited special offers for new customers (I had contacted them previously for some info, but am not yet a customer). These offers need to be taken in next few days and include £100 off the service or £75 set-up fee waived. Anyone know if this was a standard WorldPay tactic for prospects before the Mastercard thing?
| 11:32 am on Apr 24, 2002 (gmt 0)|
This is just great. I just spent alot of time building an online store that relies on paypal! :( Was getting ready to go PPC any day now. I guess I'll have to redo all my order pages. Any more info about online check acceptance would be much appreciated. I know you guys don't like to plug companies, so I'd be grateful for a sticky.
| 4:56 pm on Apr 24, 2002 (gmt 0)|
>>Anyone know if this was a standard WorldPay tactic for
>>prospects before the Mastercard thing?
no - i'm an accredited partner of worldpay and i've been running a similar offer for a couple of weeks. nothing whatsoever to do with mastercard paypal problems.
| 5:06 pm on Apr 24, 2002 (gmt 0)|
I'm with Brett - Amex Bluecard for me ;)
| 6:57 pm on Apr 24, 2002 (gmt 0)|
I finally had an answer from them today also, but I am not 100% convinced still. The guy read the statement to me and it said something like: We don't "anticipate" that the announcement from MasterCard will affect any Worldpay customers... I am still a bit worried.
| 12:52 pm on Apr 30, 2002 (gmt 0)|
This article appears to be an update on the Mastercard/3rd party payment processing issue: