[NTLUG:Discuss] OT: Credit Card Processing ( using linux )

[Greg Edwards]

Chris Cox wrote:
> 
> 
> However, most banks WILL NOT set you up a merchant account for
> internet orders (too risky if you are a NEW business).
> The secret is to process the orders ala phone
> order/mail order.  Otherwise, you will have to put up significant
> collateral.  I know that BoA was willing to set me up if I had
> like $25K or $30K in the account (something they can tap when
> things go awry on the internet.. and I think it had to be a
> seperate sorta account because I was doing high risk business
> on the internet.. eps. true if you do computer hw/sw sales
> on the internet).  The other alternative is to
> use a internet cc processing party which will charge you 3-5+ times
> the normal merchant fee rate per transaction.
> 

If you haven't looked at PayPal yet, I'd suggest taking a look.  You 
basically collect up some info from your customer and then hand them off 
to PayPal to process the funds transfer.  Pretty slick setup if your not 
processing millions of dollars a month.

-- 
Greg Edwards

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