Need a merchant account for bigcommerce

by kite6w
16 replies
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Any good recommendation with lowest fee, but quality service that can be integrate with bigcommerce? I am currently accepting paypal, but I want to accept payment directly on the same domain and not outside of it.

Thanks for the advice,

Tan
#account #bigcommerce #merchant
  • Profile picture of the author OnlineStoreHelp
    You can accept payments on domain with PayPal if you go through PayPal Pro. It is $30 a month and has the same fees as your PayPal account. If you want your own merchant account, you will need to find one with both a merchant account and a gateway. BigCommerce has their own merchant account. I have not tried it but their fees look competitive. Other then that you can check out the internet merchant providers that throw in an authorize.net gateway with their monthly fee (assuming you ar a US based merchant). GetMerchant, CDG and Durango are two that pop into my head right now.
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  • Profile picture of the author Joe Stewart
    Originally Posted by kite6w View Post

    Any good recommendation with lowest fee, but quality service that can be integrate with bigcommerce? I am currently accepting paypal, but I want to accept payment directly on the same domain and not outside of it.

    Thanks for the advice,

    Tan

    Hi Tan,

    Actually, I have the same question. I'm in the beginning stages of setting up an ecommerce site at BigCommerce and although I love 95% of everything about them, the fact that my current credit card processing company isn't one of their payment options is kind of a hassle.

    They do offer their own "in house" processing, as well as 50 other processing companies that they deal with. The one that has been recommended to me by a couple different people is Authorize.net. I'm leaning that direction, although I don't like the sign-up fees. I can't recall if it's $99.00 or $199.00, but it sucks.

    Also, I'm not sure if that includes the PCI Compliance fee. A company can charge a PCI fee quarterly or annually. I pay $29.00 per quarter, but my company also offers a $99.00 annual option. I've preferred to stick with quarterly payments because I'm on a month-to-month agreement with my processor, so it wouldn't make sense to pay for a year in advance. If they ticked me off and I decided to go elsewhere I'm pretty sure I wouldn't be getting that money back. Know what I mean?

    Regarding contracts, I don't know your experience level so I'm going to "assume" that you're new at this. Please forgive me if that's not the case. I just don't want to miss anything that might be important to you or someone else that may read this.

    Unless you have a proven business that's already making money ONLINE, there's no way I'd sign a long term contract. Your business could fail in a year or less and you could be locked into a 3-4 year contract that you can't get out of. They will hound you, they will hound your relatives, they will send you to collection and do anything else fair and unfair to get their money. No joke!

    It hasn't happened to me, but I've read some real horror stories and almost got screwed over myself, but managed to get out of the contract because of a blatant lie that a sales rep put in an email he sent. I still didn't get my $200.00 enrollment fee back, though, and it was Paypal that refused to refund it! Long story.

    Anyway...

    Most of these companies are scum. They're not government regulated, therefore they're holding all the cards. Don't get me wrong. They DO want your business and will treat you right as long as you're remaining within their TOS, but if you step outside of their terms or try to get out of a contract, even if they're ripping you off, they'll come after you with a vengeance.

    Another important thing you MUST be aware of. Many processing companies will want to hold a percentage of your sales in what's called a "Reserve Account" until you've reached a certain amount of sales. Internet sales are a high risk because of fraud and chargebacks and they do this for their protection. However, for some companies, having 10-15% of your gross transactions held for a YEAR or more can be devastating!

    Ask them to give you something IN WRITING that states that they will not hold any of your funds in reserve. If they refuse, ask them what the circumstances would be for them to decide to hold a percentage of your funds, how much they'd hold if they chose to do so and for how long?

    Be sure to crunch your numbers and make sure your business can survive if they choose to spring that on you. It could be devastating! I got something in writing from my current company. I refused to do business without it. I advise you to do the same.

    As I said, they've got 50 merchant accounts to choose from. I'd just grab five that are the most popular and start looking for reviews on them. Compare their fees, PCI Compliance fees, ease of use, speed of payments to your account and which credit cards they accept. Visa, MasterCard and Discover are standard, but you'll want American Express too. That's usually a separate entity. It shouldn't be an issue to get approved for AMX if you're already approved for a merchant account, though. Be forewarned, AMX charges much higher transaction fees. Still, you almost have to offer it.

    Also, unless you're using a storefront there's no reason to buy any credit card processing equipment. You can use a virtual terminal. I do it and it works great. Don't waste your money. That's another way for them to suck you into a long term payment plan! If you absolutely must have equipment go to your local bank and ask them how much you can get it for if you pay cash. It'll usually be anywhere from a few hundred to a few grand less. No joke.

    Warning! Yes, another one. LOL

    Don't apply until you're certain about your decision. Some companies (not all) will run a credit check on you and it can hurt your credit score by applying for too many. I still have one of the two I applied for on my credit report from last year. I just checked my credit reports last week and only one was there. Just do your diligence first before you choose one, that's all.

    Anyway, I didn't intend to write a book here. I hope this helps you. I'd be interested in knowing who you decide to go with and why. I'll let you know once I decide as well, though my situation may or may not be different. I'll also have a toll free number and run some of my sales offline, as well as having Paypal as an option.

    Good luck!

    Joe
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  • Profile picture of the author kite6w
    Thank you all for the super fast reply and your awesome long post Joe. I decided that since my store is still new, I will use standard paypal for a month or so to determine how many sales I will get before jumping into merchant account world. After researching, I am also leaning toward authorize.net as well. I will research more for merchant that included authorize gateway. I will come back to this thread in a month or so. Thanks!
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    • Profile picture of the author OnlineStoreHelp
      Joe,

      Just to be sure, BigCommerce doesn't necessarily support any merchant account providers, but they do support specific gateway. If you are in the US it is highly probable that your Merchant Account will go through Authorize.net (if you are US provided).

      Kite6W,

      For 30 bucks a month, upgrade to PayPal Pro. People can checkout on site and they will never know its PayPal you are taking payments through. After 6 months, you can then take that volume to a merchant provider and see if it is cost competitive.
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      • Profile picture of the author Joe Stewart
        Originally Posted by OnlineStoreHelp View Post

        Joe,

        Just to be sure, BigCommerce doesn't necessarily support any merchant account providers, but they do support specific gateway. If you are in the US it is highly probable that your Merchant Account will go through Authorize.net (if you are US provided).
        Hi,

        I am in the U.S. and know I can use Authorize.net. I was just saying that the merchant account I use for my offline business isn't one of the 50 listed supported payment gateways offered by BigCommerce. That's all.

        Here's the link to the payment gateways they accept.

        http://www.bigcommerce.com/payments/

        Joe
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        • Profile picture of the author OnlineStoreHelp
          Originally Posted by Joe Stewart View Post

          Hi,

          I am in the U.S. and know I can use Authorize.net. I was just saying that the merchant account I use for my offline business isn't one of the 50 listed supported payment gateways offered by BigCommerce. That's all.

          Here's the link to the payment gateways they accept.

          Payment Gateways, Online Payment Solutions - Bigcommerce

          Joe
          Make sure you understand the difference between a gateway and a merchant account. I have yet to see a merchant account provider that does not work with Authorize.net in the US. Are you saying your merchant account provider has their own gateway that is not supported?
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          • Profile picture of the author Joe Stewart
            Originally Posted by OnlineStoreHelp View Post

            Are you saying your merchant account provider has their own gateway that is not supported?
            Exactly. I don't process through Authorize.net. I'd rather not share the company I use at this point. Regardless, the company I use is not offered by BigCommerce. It is offered by Shopify, but I don't want to pay 2% extra per transaction, though I may. Much of my business is going to be call-in anyway as I'll have a toll free number and regular business hours. Those can be run through my existing processor.

            I'm in my first week of my BigCommerce trial period and I haven't been very pleased with their customer support. Their tech support always seems to be available, but getting through to my sales rep has been a huge headache. It may just be him. I don't know.

            I'm going to reevaluate this before I make a decision, though.

            Joe
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            • Profile picture of the author Matt Cotten
              Hi Guys,

              I've setup dozens of ecommerce websites for my clients and this is a common question. There are plenty of merchant account providers and payment gateways but it's hard to compare apples to apples because of all the fees and fine print involved.

              The merchant account is the banking product/service which allows you to charge your customer's credit cards and transfer the money to your bank account. It does not matter that the bank of your merchant account is different than your checking account.

              The merchant account fees include:
              • Discount rate (percentage of the transaction)
              • Transaction fee (flat fee per transaction)
              • Monthly fee (usually called a statement fee)
              The payment gateway is the software that plugins into your website shopping cart that actually allows the encryption credit card transactions. This works as the store terminal you swipe your credit card at the store.

              The payment gateway fees include:
              • Transaction fee (flat fee per transaction)
              • Monthly fee (usually called a access fee)
              Beware of additional fees such as sign-up, activation or support fees. There are also additional paid options such as additional fraud protection and recurring payment (for subscriptions). Only sign up for what you need.

              I have a referral agreement with a company called Merchant Focus which includes a merchant account and an Authorize .Net payment gateway. Authorize .Net is one of the most widely used payment gateways so it works with just about any shopping cart including Bigcommerce.

              Their advertised rates are as follows:

              Visa/Mastercard Discount rate: 2.19%
              Transaction fee: $0.24 per transaction
              Monthly statement fee: $10.00
              Monthly Authorize .Net statement fee: $15.00
              Authorize .Net transaction fee: First 250 transactions free, then $0.05 after

              So for full disclosure I do receive a commission if you sign up under my link but this is at no additional cost to you. My primary service is designing ecommerce websites and this is the same company I refer my clients to and they have not reported any problems with the service. They provide excellent rates and great customer service. They even have a program for high volume merchants that qualify for "Interchange-Plus" pricing.

              Merchant Application Link

              If you process over $250,000 annually use this Merchant Application Link

              Lastly, you will also need a SSL certificate to process encrypted transactions under your domain (https). I have a reseller account which sells the exact same SSL certificates as Go Daddy but without their name on it for only $29.99 per year.

              SSL Certificate Link

              I wish you all the success with your online businesses!
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  • Profile picture of the author link2fds
    Originally Posted by kite6w View Post

    Any good recommendation with lowest fee, but quality service that can be integrate with bigcommerce? I am currently accepting paypal, but I want to accept payment directly on the same domain and not outside of it.

    Thanks for the advice,

    Tan
    As world's largest eCommerce payment solution Provider,
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    1-917-930-3945
    WorldPayConnections@gmail.com
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    • Profile picture of the author ScooterDaMan
      I've been with Durango for four years. They created their own gateway for BigCommerce called "NMI" - you'll see it listed as one of the Gateways in your Control Panel. If you tell Durango you are with Store Coach (even if you're not) they will set you up with an account that allows you to put multiple websites under one account, saving you separate monthly processing fees.

      Although disount rates are sometimes higher if you are in a High Risk niche, Durango is usually somewhwere around the 2.25% mark and monthly fees total to about $25/month.

      The number one reason I use Durango, though, is that they offer some of the best service I have received from any company of any kind, let alone a payment processor (payment processing companies are famous for very poor service). Like Dave said in another thread here on the forum, ask for Nathan and tell him Dave from Store Coach referred you and he will set you up with the special Store Coach deal.
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  • Profile picture of the author RUGI
    Originally Posted by kite6w View Post

    Any good recommendation with lowest fee, but quality service that can be integrate with bigcommerce? I am currently accepting paypal, but I want to accept payment directly on the same domain and not outside of it.

    Thanks for the advice,

    Tan

    Bank of America has the best and most comprehensive payment processing system. THEY CREATED THE FIRST EVER ....I think it's called First data.
    I GOT A GREAT DEAL FOR THEY CHARGE ME LESS THAN PAYPALL AND AND WAIVED THE MONTHLY FEE FOR 6 months
    Plus you get free payroll and administrative narrative invoices if you deliver use to use everything is automated.

    Speak to Merchant services...if you don't have business acct all of it will be free from fees to create.

    TO ME IT IS A NO BRAINER for the processing goes through them and they are liable for any fraudulent transactions....Security guaranteed.

    Hope THAT HELPS! Sorry for misspelling s due to AUTOMATED writing in KINDLE.
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    rUgI

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    • Profile picture of the author ScooterDaMan
      When I tried setting a processing account up with BOA (they are my business bank), it took over a month for them to set it up, they said they would waive the setup fee but didn't and they also required me to pay hundreds of dollars to set up the gateway to work with it. I told them to forget it. Durango has no setup fees, the gateway is already integrated into BC with no gateway setup fees, there is no contract period and the account is set up and ready to process in one to two days.

      Oh, and First Data is a huge company that does the processing for many banks - Wells Fargo and Moneris are two other banks they do the processing for, for instance. It is not part of Bank of America. First Data is the actual processing company - not Bank of America. BOA just is the middleman and they get a percentage of all the money that gets processed through First Data. Really, Bank of America is nothing more than an "affiliate" receiving affiliate commissions from First Data Corp. See http://www.firstdata.com/en_us/first...tnerships.html
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  • Profile picture of the author taylorferguson
    My name is Taylor and I am interested in servicing your processing needs for your company. Processing can be a big issue in this industry for high volume companies as you know. The three things we offer that most processors can't is the ability to eliminate reserves completely, raise accounts to seven figure caps, and offer competitive pricing in this niche market. In addition to this we also have the ability to work both domestically and internationally. We would love the opportunity to show you what we can do.


    Merchant Global, LLC
    Taylor.Ferguson@MerchantGlobal.org
    cell: 949-584-7885
    fax: 866-924-6165
    web: Merchant Global
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  • Profile picture of the author inkgraph@mustafa
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    • Profile picture of the author DSGDSG
      Doesn't BigCommerce recommend Stripe and have a link to it right under their payments tab in the settings? It took me all of 30 seconds to sign up for an account. Probably the easiest part of setting any site I've done.
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      • Profile picture of the author alekhine8
        Originally Posted by DSGDSG View Post

        Doesn't BigCommerce recommend Stripe and have a link to it right under their payments tab in the settings? It took me all of 30 seconds to sign up for an account. Probably the easiest part of setting any site I've done.
        Totally this.

        I realize this option may not have been available in 2013 or whenever this thread was started, but that's about how long it took me to get it working on my BigCommerce store as well. In the BC panel it will basically walk you through the Stripe integration.

        I think my fees are 2.9% and $0.30 per transaction and typically get paid a few business days after a sale. No reserves or anything. At my sales volume any alternative would have to be pushing 2% to make it worth my time so I am open to other suggestions but can highly recommend the BC/Stripe solution.
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  • Any new updated merchants for 2015?
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