How do you accept payments via fax and process them? Is there a software that allows you to process checks in a way thats similar to paypal accepting credit cards?

Originally Posted by LC PVS

How do you accept payments via fax and process them? Is there a software that allows you to process checks in a way thats similar to paypal accepting credit cards?

There are a few software options available. I use VersaCheck. You need to have the software, blank check stock and a special printer with MICR ink to print the checks. MICR ink is expensive. I print client checks with the program (accounts payable stuff) and this is just an added bonus for me --- being able to accept checks by fax.

The check prints with a statement in the signature line that says I was given verbal permission to use this check or something (I can't remember what it says). It's the same thing other big companies use when you call in with a payment.

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Lanel Taylor, CVA ~ Virtual Bookkeeper
Taylored Office Solutions
Custom fit solutions for all your office needs.

Hi Erica,
I used to work for Visa so I might have some insightful info for you that could save you some money.

If you have good or better credit I would contact one of your local banks. If they say there is a set up fee keep calling until you find someone who doesn't charge one (Costco also has a merchant account program and it is at decent rates).

Yes, you can accept credit cards via the telephone and/or online. You will be paying a higher rate for these transactions as you will not physically see your clients card as if you were a retail business. The rate you can expect to pay is anywhere from 2.20% discount rate (so if you collect $100 you would be charged $2.20). Then you have the per transaction charge which this will be anywhere from 15 cents to as high as 45 cents. Personally I would negotiate anything over 20 cents. That is a huge mark-up for them already. Next you have your monthly statement fee. This depends on the company/bank you go thru. I have seen these range from nothing to $20 per month.

Watch out for hidden fees that they won't tell you unless you ask. These are: batch fees (meaning they charge you at the end of the day on the total of transactions processed), deposit fee (a fee to deposit into "your" bank account). This is something some will do to try and get you to bank with them. You "don't have to" change banks. Watch the fine print in your agreement and ask what the terms are. Meaning how long do you have to have your account open? Most standard agreement are 3 yrs unless you negotiate out of them. If you don't and you cancel/close your merchant account before that 3 yrs I've seen people charged any where from $195 - $695 cancellation fee. Before you sign any agreement have them put ALL fees in writing. That what you have something to fall back on.

Ok how to process the transactions. You have a fee options. One you can call in your transactions (but watch out for this) you will be charge an additional fee to process via the telephone. This is around 95 cents to $2.20 per transaction.

Or you can process online. There are a lot of virtual terminals available that you can integrate into your site and/or just enter the transaction info your self. These can be pretty pricy. Verisign charges approx. $800 for theirs and others can go up. One company I had worked with and never had any problems with and the price was fairly low was iTransact.com

If you have any specifice questions feel free to contact me. I can answer any questions you might have and also what fees are basically extra one's companies/banks just add on.

Warmest Wishes,
LoriLee

I use Paypal for accepting credit cards. If a client does not have a paypal account, they simply can go to my website and use the Buy Now button. Or, they simply give me their credit card information and I run it for them.

I will be checking out Google Checkout though.

I'm so glad I came to this thread - I was just setting up the Paypal option, but I think I will keep looking. Hmmm....google checkout maybe? Propay?

I just had my 3rd problem with PayPal and just cancel them. Someone open another account using my email and my clients have been sending payments to that account. I have tried to contact PayPal several times (customer service was great) and they were unable to correct the problem.

I had closed the account and every account that was used for sending payments was closed and there were 3 additional accounts that I was unaware of (open by someone else).

My advice is to check your PayPal account often, I still like them but I decided to go back with my old provider.

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Julian Johns
Administrative Data Services

Merchant account is the way to go. Part of my business is setting up merchant accounts and I am seriously considering specializing in helping VA's get good merchant accounts. Every VA site I visit seems to be the same story.

I visit these sites because I am thinking about hiring a VA to do my bookkeeping but wow there is definitley a need.

Erica,

Have you looked into Intuit's Billing Manager? You can accept credit cards with them but there's a monthly fee of $19.95, I think. You can accept credit cards online, by fax, and over the phone.

Hope this helps.

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Bobbi Dust
http://virtualbizconcepts.com

Originally Posted by Virtual Business Concepts

Erica, Have you looked into Intuit's Billing Manager? You can accept credit cards with them but there's a monthly fee of $19.95, I think. You can accept credit cards online, by fax, and over the phone. Hope this helps.

Hi, using Propay is cheaper, a yearly account is $59 and that gives you the ability to accept all major credit cards including AX and Discover. There is a per transaction fee that isn't too bad. Is there a per transaction fee associated with Intuit.com?

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Tracy Jones

I'm into my second month using PowerPay with Authorize.net along with wahmcart, not because I had any issues with PayPal but just that I wanted to upgrade. I was a little nervous about all the additional expenses, but it's just another step of faith action.

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