NYCPHP Meetup

[Ben Sgro (ProjectSkyLine)]

Hello Keith,

Good points. From the authorize.net online info, my understanding is
that:
http://www.authorize.net/support/csfaqs/#142133

#9 The Credit Card Interchange System passes the appropriate funds for the 
transaction to the Acquiring Bank.

I guess I'm not clear on who that is, and how to set that up. I know my 
client has a merchant
account with Soveirgn Bank. My client is a 35 year old business, so I'm sure 
they have
good rates.

So we want Authorize.net to transfer the funds to Soveirgn when the CC 
charge is completed.

Any further info?

- Ben


----- Original Message ----- 
From: "Keith Casey" <mailinglists at caseysoftware.com>
To: "NYPHP Talk" <talk at lists.nyphp.org>
Sent: Sunday, September 23, 2007 12:10 PM
Subject: Re: [nycphp-talk] [OT] Authorize.net & banks.


> On 9/23/07, Ben Sgro (ProjectSkyLine) <ben at projectskyline.com> wrote:
>> Which banks work with authorize.net? Do all banks work w/the service?
>> Does anyone know where to find such info.
>
> I might be a bit off in the terminology, but there are three players
> in the process.
> *  First, there's your bank where you should have a Business Checking
> account.  I used Wachovia when I set mine up in Jan 2005.  I think any
> Business Checking account should work, but supposedly personal
> accounts do not.
> *  Then there's Authorize.net which is the payment gateway/processor
> (incorrect term?).  Your customers put their CC info there.
> *  Finally, between them is another bank which handles the transaction
> between Authorize.net and your bank.  They do the deposits, etc.  I
> did mine with Wells Fargo.
>
> Shop around on rates - the discount rate is their cut.  Dating sites
> will lose more (6+%) while established businesses are usually much
> less (2-3%).  I got 2.19% when I did mine.  And carefully watch your
> chargebacks.
>
> kc
>
> -- 
> D. Keith Casey Jr.
> CEO, CaseySoftware, LLC
> http://CaseySoftware.com
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