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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.
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.
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.
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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.
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.
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.
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?