Authorize.net? Hmm… I would rather go with 2co (however they are also rather expensive).
Apparently there are no payment processors with low fees and wide coverage :D
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Authorize.net? Hmm… I would rather go with 2co (however they are also rather expensive).
Apparently there are no payment processors with low fees and wide coverage :D
authirize.net is quite a service, but it's nothing I could afford. For me it's still alternatives such as 2co and MB. Currently I only use ikobo for money transfers and since I don't have such a great deal of transactions I'm thinking about some sort of manual processing.
If you don't deal with automated processing you might actually use your ikobo personal account to accept payment from your clients. It's simple and I don't consider the 3% fee to be an inconvenient, especially when ikobo has a fixed withdrawal fee of $1.9. You do the math. :)
Yes, good idea – but only if you don't sell much.
And what about merchants who get much money from their customers/buyers, do you know any other payment processor with reasonable fees?
That's a good point you're making. I suppose ikobo's personal account could also be used for receiving payments from customers... Do you know whether their policy allows such operations?
Yes, you're right about the fees, nothing to complain there. Thanks for the info, I may just give this a try. ;)
On second thought, I don't think that one could sell his or her products only by using his or her ikobo personal account unless he or she already have a list of trusted clients. I came to the conclusion that our clients will have to be convinced that after they sent us the payment, they will receive the product of their desire and that we won't just take their money. So, if your sales are not slow or you have a big products inventory, I say to use this solution only as a temporary solution. Remember that you won't benefit from chargeback protection at all. If you go to www.ikobo.com and read their terms and conditions, you will see that they won't protect you or your personal account if you are making sales and not just transfer money.Quote:
Originally Posted by Will
On second thought, I don't think that one could sell his or her products only by using his or her ikobo personal account unless he or she already have a list of trusted clients. I came to the conclusion that our clients will have to be convinced that after they sent us the payment, they will receive the product of their desire and that we won't just take their money. So, if your sales are not slow or you have a big products inventory, I say to use this solution only as a temporary solution. Remember that you won't benefit from chargeback protection at all. If you go to www.ikobo.com and read their terms and conditions, you will see that they won't protect you or your personal account if you are making sales and not just transfer money.Quote:
Originally Posted by Will
You're right, ikobo's personal account is by no means a replacement for their former merchant account. Their merchant account used to have all of the required features, while the personal account is only good at what it was designed for- that is sending/receiving money.
Of course, you can use it for making sales, but you expose yourself to some risks since you don't benefit from ikobo's fraud protection that was available to any of their merchants.
The ikard and the personal account have their limitations when used for something else other than what their purpose is, but it will still work.
You are perfectly right but at least they approach the new VISA/MC regulations with an honest solution by closing their merchant account and keep focusing onto their p2p service. I heard that many people don't like 2co's merchant services anymore because of the way they solved the VISA/MC regulation problem. It seems they actually sell your products for you and you cannot say anymore that you only process transactions through them.Quote:
Originally Posted by dSub
You're right about 2co, they've made some pretty weird changes and it's a real pain dealing with them (so I've heard/read). Wasn't a big 2co fan before, but from now on I'll surely stay away from them.
At least ikobo close their merchant service altogether instead of providing something nobody will be to fond of using. Eh well, at least they're still processing transfers.
Have you guys noticed the changes on www.ikobo.com? :D
Guess this means they're not going to let us down and that they'll keep providing money transfer services worldwide (after all that's what made them popular). This is very reassuring since I was a bit worried about their future.
Yeah, I really like ikobo's new website design. I guess you are right ... this is very reassuring for us and also something tells me they are going to continue to provide p2p money transfer services and even improve them. Who knows, they could even lower their transfer fees :D (3% is too much for me :)).
Oh come on... how much lower would you like ikobo's fee to be? I mean next you'll be wishing ikobo actually gives YOU money to use their services! :D
Seriously now, seeing as though they kept their promise and made some important improvements, I wouldn't be surprised if we will see even more good things happening to their money transfer service.
Actually, it would be a very good thing to pay us just to use ikobo's services! :D Seriously now, has anyone heard of other money transfer companies with a lower transfer fee?Quote:
Originally Posted by dSub
That's what I was trying to say. I was joking with the fees part. I consider 3% to be a acceptable fee but I am looking for seeing more improvements in ikobo's future though. They seem to be on the right track.Quote:
Originally Posted by dSub
Can't say that I know of some other company with fees similar to ikobo, but I could be wrong and there may be some.
About improvements at ikobo... well, I was getting worried they abandoned that idea, but seeing as they are changing their website and making things easier to use I'd say that sometime soon other features will come. Hopefully....
I know that paypal has a somewhat similar fees structure as ikobo but unfortunately they have a pretty low coverage. Moreover, I don't think paypal has a similar debit card as ikobo's ikard. I'm not sure about the latter. Can anyone shed some light here please? :) Thanks.
But if I'm not mistaken ikobo doesn't provide merchant accounts any more – so actually if the vendor is in need of the wide coverage he can use ikobo personal services only if he doesn't plan to process many transactions per month.
Otherwise he'll face some problems as there are not so many companies that run well outside USA/Canada.
I would recommend you to look at companies in the same industry and see what merchant accounts they use. You will be surprised that the same merchant account provider is happy to cooperate with you, too.
How do you tell which merchant account they use? They certainly don't advertise that on their website and you can't see it just by using their website.Quote:
Originally Posted by kittykat
A good way to search for a merchant account is to surf through a number of shopping carts. These typically lists a number of payment processors they are compatible with.
This technique will not work. Shopping carts are only compatible with gateways and third party processors. They cannot be, and are not, compatible with any true merchant accounts as they must go through a gateway to use one. So this method will only work for third party processors and it is no big secret who the most popular ones of those are. Same goes for gateways.Quote:
Originally Posted by number7
Quote:
Originally Posted by stymiee
Could you explain what the difference between "merchant account", "gateway" and "third party processor". As I understand:
- Gateway - is a link between your payment application and your bank account.
- Merchant Account - a service which provides solutions (software) for online payments, MOTO, Checking, etc. Merchant Account providers connects you with your bank through gateway and connects your customer with your business
- Third Party processors - a service which manages your funds and connects your business with customers. You do not need bank account, gateway.
Am I right or not ? It would be greate if you correct me with your explanation. Thanks.
Your definitions seem to be just fine. :)