Forum Moderators: buckworks
We have an authorizeNet account through Costco merchant account (due to their decent rates), but on some end of the spectrum, our merchant processing limit is capped at $150K a month. Thereafter, all cards are denied.
Weve continually, for free, bumped up this limit up till now. Our chargeback rate is less than .01%, yet to bump it up to $200K, we are required to leave a $30K deposit with them, despite our near perfect record. Im not sure if this is due to Nova or Costco or what. Im not in charge of that; Im just the programmer.
Despite this, I can forsee us, within months, reaching $300-500K a month...(wishful thinking perhaps), but we will most definately hit our current cap in the first 3 weeks of the month at our rate.
Anyone out there aware of any merchant accounts we can obtain without leaving a tremendous deposit, which will allow us to handle such major commerce, yet still offer good rates? I know tons of solutions personally, but when it comes to limits with this type of dollar amount, I am truly clueless. I figure we are finally looking for what those huge sites have that process hundreds of thousands to millions a month. Any clues? Preferably a merchant that works with our authnet account we have currently, but well take any solution we can find.
Thanks.
Fifth Third bank has been offering ten basis points above interchange, plus 20 cents per transaction.
Paymentech is of course one of the biggest; very professional, but may run you through the ringer on the contract, and fees a bit higher than Fifth Third.
May I ask what rates and fees Costco/Authorizenet is offering?
