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we have signed up to use ynotbilling since they offered "merchant accounts" they at the last min informaed me that each week the money is transfered and there is a $42.50 wire charge ?
do other merchant accounts only wire visa/mc moneys weekly and then charge this nearly $50 a week charge?
they also charge a $3.50 fee to give someone a refund, is this normal?
just wondering as I havnt had a direct merchant account before.
$42.50 is really high for a wire, I have seen them as high as 20$ but even that is allot. Allot charge 5$ for checks too, what do they charge you for checks?Quote:
Originally Posted by collegeboyslive
Doesnt sound like a true merchant account to me. A sponsored merchant account maybe?
With your own merchant account, the money should be going directly into an account you control, and therefore no need to have money wired. If ynot is accumulating the money for you, then they are the true merchant account holder.
Sounds to me like their billing solution is being dolled up with a nice name.
The refund fee is normal for offshore processors. $3.50 seems a little steep. Wait til you find out what the chargeback fee is. I'm sure you'll pass out. I've heard of some charging as much as $75 for a chargeback.
checks arnt an option available lol they say its wire or nothing
$50 or $70 depending on the amount of chargebacks in that month.Quote:
Wait til you find out what the chargeback fee is. I'm sure you'll pass out.
humm interesteding, it then may be a 1/2 way deal cause we collect the credit card info and had to set up an secure server and process the rebills and write our own interface ( which is what is taking the time )
I say fuck them, and move on to another processing company, as allot of people tell me they are a dime a dozen should be easy to get a new one you do have a rather well know site.
I guess if you're doing the CC data transmissions, and they are simply charging a small "per transaction" fee of .50 or something, in the long run it might be advantageous.
The costs of setting up a secured server, programming the interface, making sure the CC data is secure and then having higher than normal fees would make me take a long look at the entire situation.
If your total fees and expenses approach 12% of sales, then going with someone like CCBill would make a little more sense.
It sounds like you're pretty well committed at this point, so I hope it works out for you.
well in this business you are never totally commited. I woudl like to have at least 2 working processors where i have the card infor, that way if one goes under or soemthig happens its no big deal to just push everything though the other one.Quote:
It sounds like you're pretty well committed at this point, so I hope it works out for you.
and yeah i need to do the math ynot has an inital attractive 6% but then there are several fees and stuff that may bounce that up
why not just go with verotel?
Getting your own merchant account involves a contract between you and a bank. It is a lengthy process with tons of paperwork. Most processors can help you with the acquisition process, but you deal directly with the banks merchant account loan officers and staff.
That is way to much to pay for a wire transfer. Ynot always seems to be on the up and up, but they have really backed off YnotPayment. They hardly even push it on their site anymore. Makes you wonder. I remember when it was going up, they put a ton of money in advertising, now you hardly ever here about it.
Ynot Dave is on here from time to time, maybe he can shed light on why the wire transfer fee is so high.
It could be an offshore merchant account, where your server is connecting to their gateway in some foreign country, the funds are cleared by a foreign bank, and then wired into your account.
The usual tip-offs are a higher than normal discount rate (5-10% instead of 3-7%) and a large setup fee (over $300)
If it was a US-based merchant account, you would be receiving payments via ACH directly into your account, for which there's generally no charge.
Have you talked to Mitch at Netbilling? They've got a couple of merchant banks that will process for adult membership sites, and they've already got the membership processing and fraud scrubbing in place. I think they charge 1% or something over and above whatever the bank's discount rate is, which usually is still way cheaper than an offshore account by itself.
Also, Jettis still does membership processing and fraud scrubbing, as far as I know, and I think they also have some deals with merchant banks.
i want to control the credit cards on my end, i dont want a 3rd party processor for this. this way i can easily switch if i have problem ect without having to beg members to cancel and resign up.Quote:
why not just go with verotel?
and yes ynot is runing it though a german bank
they are charging that much for a wire charge PLUS that much for a chargeback PLUS a refund fee PLUS a 7.5% processing fee?
wow!!! seems really high to me
When we were looking for high-risk merchant accounts, it was amazing how high the charges were.... discount rates as high as 8-9%, "setup" fee of $2000, $50 wire charges, $50 chargebacks... and then you were going through some off-brand gateway in one country, with the processor in a different country, and the actual bank settling the transactions and wiring you in yet a third country. Oh, and a minimum monthly processing fee of $750 or something (750 against the actual discount% of your business) .
The "shady" factor was just way too high for our comfort.
It's expensive, sure, but pretty normal. We only wire Webmasters once a month because of that very fact. Epassporte will be the weekly option for us, not wire. If you want to make the big bucks, get out of adult and into billing!
I'm not familiar with ynotbilling but most banks are now charging close to $50 for a wire if it's going overseas. I know that two of the banks we use, one in CA and one in NV both charge $50 for outgoing wires. Ugh>:(
Bill