Merchant
Accounts
If you are going to sell product on the internet
a merchant account is an absolute must for success.
A merchant account allows you to accept credit card
payments over the internet. The buyer selects the
product from your storefront, places it in the shopping
cart and when he is done shopping at your site an invoice
is prepared of his purchases. He then selects the
method of payment (credit card or electronic check)
enters the processing information and submits for
payment. The entire payment transaction including
approval takes about 15 seconds. The buyer receives an
e-mail confirmation of the order that includes the
transaction information and a copy of the invoice with
any shipping charges and taxes also charged to his/her
account. The merchant also receives a copy of the
invoice and shipping instructions by e-mail. The
money is deposited in the merchants bank account
generally within 48 hours. The entire transaction
is processed in a matter of minutes over a secure
network.
Once your website is setup BMCI will help you
setup your merchant account and install the necessary
code link from your shopping cart to the online processor
of your choice. This generally takes less than a
day once your merchant account is approved for
service. No matter what they promise, you
should expect it will take at least a week for approval
and many take several weeks.
If you do not presently have a merchant account,
it is relatively easy to obtain one, even if you have
less than good credit. The following chart depicts
the typical cost of setting up a shopping cart with
merchant account.
| Miva Shopping
Cart |
Lease/Month |
$30.00 |
|
Merchant Account - Typical
Cost
|
| Basic Fee |
Lease/Month |
$59.95 |
| Statement
Fee |
Monthly |
$10.00 |
| Minimum Fee |
$800.00 minimum
sales/mo.
|
$20.00 |
| Gateway Fee |
Monthly |
$15.00 |
| Discount
Rate |
over monthly
minimum 2.50% of sales |
|
| Transaction
Fee |
$0.30 per
Transaction |
|
| Database |
Included with Miva
Shopping Cart |
|
| Secure
Server |
SSL Setup
Fee |
$50.00 |
| Processor |
Authorize.Net is
generally included with Merchant
Account Package |
|
We recommend
using only Authorize.Net approved
merchant account providers with the Miva Merchant Servers
System. One of the least expensive can be found by
clicking on the following banner.
If you don't
want the expense of a Merchant Account sign-up for PayPal
its FREE.
|