| As per 2005 statistics released, on line
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| | release level of payments and payments
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| trade grew more by more than 22% over
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| | would be held till it reaches that level.
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| previous year. To accept credit cards for
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| | Additionally, there are charges for stop
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| online trade, you need a merchant
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| | payment of check and for charge backs.
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| account. Getting a merchant account is
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| | However, being a processor with one of
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| not easy for all. It does involve a lot
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| | the lowest fraud rate, such steep rates
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| of money. To solve this issue, another
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| | also gel with market.
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| fast emerging choice is use of
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| | Payment to Suppliers
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| third-party factoring services, also
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| | Generally all payments are made on 1st
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| known as credit card processors. These
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| | and 16th of the month, when all
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| processors process third party orders
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| | transactions that occur within 48 hours
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| through their own merchant accounts. A
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| | of this period will be processed, and
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| good processor provides a secure
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| | payment remitted. However suppliers with
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| environment for sale, ensure that
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| | sales volumes of over $1,000 a week
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| supplier fulfills the obligations of
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| | qualify for weekly transfers.
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| trade and ensure payment for the sale to
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| | Types of Products
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| the trader.
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| | A supplier is not allowed to sell certain
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| The growth of criminal methods on the net
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| | types of goods as adult content,
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| to steal information and rob off wealth
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| | firearms, ammunition, tobacco products
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| is growing at alarming rate. To help
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| | and multi-level marketing etc.
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| these issues, these processors provide
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| | Protecting Consumer Interest
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| very valuable service to newbie merchants
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| | Protection of consumer interest is
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| who can not afford own merchant account
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| | basically in own interest of a credit
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| and are quite instrumental in fraud
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| | card processor to be able to stay in
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| prevention as well as to protect the
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| | business. As the terms of agreement with
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| consumer interest. A good credit card
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| | 2CO, a supplier agrees to readdress all
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| processor instills a strong sense of
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| | the customers complaints addressed to him
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| satisfaction among consumers to protect
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| | directly or through 2CO, to the
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| their interests and thus at a nominal
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| | satisfaction of customer, proficiently
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| cost boosts the revenue of on-line
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| | and harmoniously.
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| trader.
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| | To protect interests of sellers, it
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| A good processor has to be very stringent
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| | reserves the right to impose limits on
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| as they are answerable to their own
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| | purchase of products by specific buyers
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| merchant account provider. Too many
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| | for any reason, in its sole discretion,
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| dissatisfied customers or traders can
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| | as it may deem fit.
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| make them go out of business. I came
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| | Payments on an account are made after
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| across which very elaborately describes
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| | 2CO's verification processes it also
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| about various credit card processors. It
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| | holds money from suppliers account to
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| would be a good idea to check from here.
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| | protect buyer's interest. Generally a 5%
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| One of such reputed and well established
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| | of the gross sales are kept as reserve
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| credit card processor is 2CheckOut (2CO),
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| | for at least 90 days would be held and in
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| which is online distribution center for
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| | some cases the Reserve is retained at a
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| over 300,000 products and services. It
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| | higher rate for period exceeding 90 days.
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| provides a customizable transaction
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| | It has a provision for refund and charge
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| interface, multi-level customer service
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| | back too. Either 2CO or supplier may ask
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| interaction, security features using SSL
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| | for reversal of transaction leading to
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| encryption network. One can get started
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| | refund and return the funds to a
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| immediately with no hassles of term
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| | customer's account. Credit card issuing
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| contracts, additional equipment and can
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| | bank may dispute the validity of
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| deal with any international suppliers,
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| | transaction through the given credit card
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| except for few prohibited products.
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| | either on its own volition or on
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| What does it cost?
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| | instruction of its clients and initiate
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| Charges wise, it may not be cheapest one,
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| | reversal of funds transferred. This is
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| but in terms of customers rating and
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| | called charge back. In such cases, where
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| appreciation, it definitely stands out.
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| | supplier feels victimized, he may opt to
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| Initial set up charges include one time
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| | initiate a dispute and seek assistance of
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| setup fees of $49. Besides, a commission
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| | 2CO. 2CO would assist by way of providing
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| of 5.5% per transaction and additional
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| | any documentation that supplier may need
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| charges of $0.45 are levied. These
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| | and would charge a fee of $14 for each
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| transaction charges can go up on some
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| | such dispute that supplier decides to
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| classes of products. Charges for
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| | contest.
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| additional services are even higher.
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| | 2CO service has been rated as wonderful
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| 2CheckOut supports 28 currencies for
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| | by most users. The only suggestions for
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| payment. For payments in local currency,
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| | improvement would be more in depth sales
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| if it is one of the supported currencies,
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| | reports and the ability to have custom
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| wire option can be exercised at a cost of
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| | form fields on. It has reputation of
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| $5 per transfer. You can also choose to
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| | being a company that enables businesses
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| receive funds in US dollars at fees of
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| | to receive funds from businesses and
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| $20 per transfer. These charges are
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| | consumers internationally with zero fraud
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| definitely steep for small payments, but,
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| | and at a much lower cost than traditional
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| 2CheckOut does give option to set a
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| | wire payments.
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