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Merchant Account Survey
03-11-2011, 08:20 PM (This post was last modified: 03-11-2011 11:18 PM by cbizkit.)
Post: #1
Merchant Account Survey
I need a good merchant account provider. I've been endlessly trolling the net for this and I've come across some few good ones. The best offer for my bottom line by far is from the Social Business Bank.

Here are the figures: no fees; $25 minimum; Interchange transaction charge is $0.10 plus 0.10% per transaction.

Can I get a better quote?
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03-11-2011, 10:39 PM
Post: #2
RE: Mechant Account Survey
If you are just starting out I would recommend Paypal. It is a very popular service and it does not cost you anything out of pocket up front and there is no monthly service charge nor are there monthly sales minimums you have to meet. Sales from $0-3k transaction fee is 2.9% + 0.30, 3k-10k 2.5% + 0.30, 10k+ 2.2% + 0.30.

Also most shopping cart software has paypal integration either out of box or via modules you can install so it would be easy to get your web store up and running in a short matter of time.

I would only go with a more standard merchant account once your business is well established because it will probably take some time for you to be making any steady amount of income if you are starting your own business. Also it looks like social business bank was only established in 2010. Whatever merchant service you go with I would definitely pick one that has been in the field for at MINIMUM 5 years. Go with someone who has displayed has already displayed staying power.
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03-12-2011, 12:13 PM
Post: #3
RE: Mechant Account Survey
For what it's worth, your rates will likely vary depending on the type of business you're doing, and how "risky" it's considered. Merchants doing in-person transactions get the best rates; online retailers get higher rates, and online retailers selling non-physical products (like web hosting!) get higher yet. As such, it's hard to say in any absolute terms what a "good" or "bad" rate is.

I haven't used their service, so I can't vouch for it, but is supposed to let you get a bunch of bids by filling out a form. Might be worth taking a look at?
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03-14-2011, 06:16 AM
Post: #4
RE: Merchant Account Survey
Hey Cbizkit,

Google Alerts is really a great tool! Helps us find all these awesome posts about SBB.

Social Business Bank itself has been around for 18 months; it used to be part of another web hosting company and the pricing structure happened to attract a lot of clients so we founded a separate entity; we're overall more than 4 years in this business.

I can guarantee you that you won't find a better rate; but what's much more important, we've been on both sides of the table. I ran a hosting company myself (which is considered a "high-risk" business) and have been ripped off by merchant providers so I know what's important for a merchant - after all, I am one of them. I also co-invest into other businesses and the merchant business is something that we do to provide a transparent, easy and cost-effective solution to guys like you.

If you need anything, feel free to contact us directly at 888-255-4162. Alternatively I can recommend and as well, though you'll get A LOT of calls, just be prepared for that (and higher pricing points because wants to make some money off you as well).

- Samir, Founder of Social Business Bank
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