Friday, June 25, 2010
I have done research into getting a merchant account to enable online payment processing. I currently use PayPal [pay on their site] for all forms of online payment-- and carry around a book of receipt vouchers for those who wish to pay with cash or check. I offer services like web hosting, business directory listings, custom software and web development.
I researched setting up the merchant account with my business bank, Costco and PayPal. Here is what I found:
| Business Bank | Costco | PayPal | |
| Monthly Fee | $5.00 | $5.00 | $19.95-59.95 |
| Per Transaction Fee | 3%+$.30 | 1.99%+$.27 | 1.9% - 2.9% + $0.30 |
| Special Considerations | None | Setup & monthly fees waived with Executive Membership $100 per year | Most cases free setup except Payflow Gateway |
Links providing more information about Costco's service and PayPal's [note: you have to be logged into your PayPal account to review the link provided].
Snapshot offering a bit more information about PayPal's integrated online payment services.
I want to integrate onsite payment features for Hosting-Q and the WiredPages Business Directory-- rather than using PayPal buttons, however right now, I cannot justify the fees.
