Merchant account problem

paysat, 2checkout, #*$!

[teodorul]

I have a paysat merchant account and it works pretty good, but in order to receive the money every order has to pass a 6 weeks period of time to avoid fraud.

How much time does it have to pass with the 2checkout or #*$! services untill you can receive the funds?

Thanks

[vincentjiang]

it takes about 3 business days...

[gany]

You should not have to wait 6 weeks to get your funds. In the credit card processing world, you should get your funds twice a week with perhaps a two day delay in a non face to face environment and you should receive your funds daily for retail merchants. Not sure about 2checkout...

Gany

[teodorul]

thank you gany for your advice,

can you suggest me a cheap and easy to setup third party credit card processor?

thank you again.

does anyone know how much time does a order have to stay in your account with 2checkout before you can receive the money?

[gany]

How much volume do you do a month and in what currency?
What is your business model?
Gany

[Miklo]

Normally, it takes longer with a third party processor to get your money. Depending on their terms & conditions, they normally have a waiting period of 2-3 weeks. If you have regular sales, you will receive payments regularly (every week) with a two or three week delay. Some also pay out on the 1st and 16th of each month

If you have a direct merchant account, it is a matter of days before the money is in your account.

The difference is that the third party normally has a risk period for credits and chargebacks and usually also retains a 5% or 10% Rollover Reserve, while the merchant bank always has access to your money.

[justgowithit]

The issue is getting very confused here. A third-party processor by definition is an entity that processes transactions for an issuing/acquiring bank. The largest processor in the world, I.E. First Data, NOVA, NPC, Global, etc. are ALL third party processor.

PayPal, 2CO, and similar services are NOT third-party processors that issue traditional merchant accounts. That is why they function differently. In order to receive funds via direct ACH transfer as quickly as possible a business needs to have an ACH merchant account. An ACH merchant account is the "typical" merchant account that most business acquire. A PayPal account, 2CO, and other similar accounts are NOT ACH accounts. They are proprietary transfer systems subject to individual governing rules given without regard to an industry standard. Traditional merchant accounts function on the ACH system. A typical ACH transactions take 24-48 hours.

If you want your money as quickly as possible you need an ACH merchant account. Whether or not it will be possible for you to get such an account, and the rates and fees you should expect are impossible to predict from the information you’ve provided here.

[teodorul]

thanks for all the answers guys

My situation is very simple to understand, i have a couple of websites that are using now paysat as a third party cc processor.

The bad part is that i have to wait that every order has to pass 6 weeks in the system before is prepared to be wired to me.

Example :
i get an order today, and after the order is captured i will have to wait 6 weeks untill the funds will be released to me. The funds that have passed the 6 weeks period are released twice a month.

So i am looking for a third party credit card processor that pays faster.

My business is a small one, so i can't afford a real merchant account, i agree with the reserve policy (5%), but i think that 6 weeks is a lot of time to wait untill you get your money.

Thank you again for your help guys, i am counting on your experience in thi matter.