NYCPHP Meetup

[Pete Czech - New Possibilities Group, LLC]

(long time lurker, occasional poster)

That is how it works.  I have an account with Authorize - they capture 
the transaction.  Then they send it to my merchant account, say, wells 
fargo, who in turn takes the money and transfers to my checking 
account.  Authorize just runs the authorization and then sends the money 
to the merchant account bank.  Kinda confusing but it works without 
hiccup.  Of course, the fees do add up.

When I signed up with wells fargo, i got authorize for free.  Maybe they 
still do this but this was years ago.

pjc

Ben Sgro (ProjectSkyLine) wrote:
> 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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-- 

Pete Czech
Lead Guru
New Possibilities Group, LLC
http://npgroup.net

973.931.8283
AIM: PJCzech