You would guess that only two players exist: the Merchant and the Bank.Well, that would be a close guess but you could be off by at least an additionaltwo players bringing the actual playing field to four. Of course, yourtypical Merchant Game will sport a field of as many as six players. So,how did we catapult from the expected two players (the Merchant and theBank) all the way up to a six count? O.K. Here we go. Let me tell you alittle story. Now, you take the role of the Merchant in this story.
You're boppin' along one day on the Net and the thought comes to you"Hey, I really should look into accepting credit cards from customers."O.K. So, maybe you figure you gotta go to your local bank and they'll setit all up for you. That would be pretty good figuring on your part. Itmakes sense, right? You want to accept credit cards. That means money.Banks deal in money.
Well, even though it seemed like a good idea and all, what you justmight have managed to do in that one quick trip or phone call it took totalk to your bank was yank in players number two and three into the MerchantCredit Card Game. And hey, you haven't even come close yet to lining upthe real Bank that can process your credit card sales.
So, in contacting your local bank, you might have allowed your bankin turn to contact a broker, the second broker to join your team of players.That's right. Don't forget now that it was you who initiated contact withthe first broker, your bank.
O.K. Now, just who is this second broker that your local bank broughtout onto the field? This player is called an ISO. Sounds pretty impressive,eh? Well, in fact, ISO is just a fancy name for broker...(I)ndependent(S)ervice(O)rganization.There's a two-dollar name for ya.
O.K. Let me try to pick up the pace here. Up till now you haven't doneall that well in setting up your credit card account. But, take heart.You could have done worse. That's right. Your local bank could have referredyou to that ISO alright, but not quite directly to the ISO. Yep, you couldhave been referred to an agent of that ISO, and then you'd be up to a four-mangame. And, still no sight of the real Bank.
Boy, four players and at least one more, possibly two more players beforeyou've completed the circuit and can actually begin the process of obtainingyour Merchant Credit Card Account. You know that this little family ofbrokers that you've put together represents a whole lot of hungry mouthsto feed.
But, of course, your local bank didn't refer you to an agent of theISO. So, your player count is only at three with one to two more yet tojoin. However, for the sake of portraying just how badly you could havedone in setting up your merchant account, let's go ahead and say that youwere referred by your local bank to the agent of the ISO.
O.K. now this agent of the ISO takes your application, and if you'rereal lucky, this agent isn't a ripoff link in the chain leading to yourreal Bank. Ah, but odds are you're being pretty much overcharged on appfees, setup fees, transaction rates, and especially on any terminal software(IC Verify, PCAuthorize, or MacAuthorize) or hardware.
So, what's done is done. Too late to take back your application andstart anew. Right about now though, you might be wondering just what'sup with the ISO and where's my real Bank.
The ISO has turned your application over to the real Bank. This meansthe ISO's job of getting customers (merchants) for the real Bank is done.The ISO is pretty much out of the picture now unless of course he managedto persuade you to lease terminal software or hardware at an outrageousmonthly fee. This would give the ISO reason enough to stick around....collectingthe rents.
Of course had you known that you can outright purchase and own ICVerify (PCAuthorize, or MacAuthorize) Software right here at ... reco.html...youcould have avoided any such terminal software or hardware leases.
Anyway, your application is in. You figure you're done. No more playersto add to the team now. Oh, but there is still another player to acknowledge.That's right. It's the Bank Card Processor. That's the outfit that pushesall the pencils and paper. It's the data processor. Hey, in this overcrowdedplaying field of six, count 'em six, someone's gotta do the actual workof credit card processing.
And, there you have it. The loop is closed. The circle's complete. And,to think, it took six players including yourself. What do you figure thecost of operating this oversized six-man team will be? Ahh, you don't wannaknow.
And, that's the end of the story of the merchant and the credit cardaccount. Need I bother to say whether or not the merchant lived happilyever after?
The major players in the Merchant Credit Card Game are most commonly:The Merchant, the ISO (Independent Service Organization), the CardProcessor, and the Bank.
The real Bank which can handle your credit card transactions is rarelyif ever your local bank. Nonetheless, your local bank will happily acceptyour Merchant Credit Card Application. However, your application is mostlikely simply being brokered out to an ISO, or worse to an agent of theISO. This is because the ISO, itself, can have agents acting as brokerswithin its own organization. Classic examples of the counterproductiveBank/ISO/ISOAgent arrangement abound on the Internet.
The ISO, in most cases, is the closest you will be able to get to thecredit card Bank. Most Bank's attitude on the matter goes something likethis:
"Bring me the head of Joe Vallaci!"
Oh no, sorry, that's wrong. I'm obviously getting two very similar businessorganizations mixed up. The quote I was looking for describing the Bank'sposition in the Merchant Credit Card Game goes more like this:
"Let the ISOs do the selling. Let them bring the merchants to me".
----------------------------------------------------Although the ISO, the Card Processor, and the Bank are usually threeseparate entities, various combinations or alignments involving these majorplayers can occur.
The alignment of choice for any merchant seeking a credit card accountwould be that in which the real Bank deals directly with applicants therebyeliminating the usually costly ISO. After months of research I am proudto announce that such an ideal situation does exist. See author's recommendationfor details.
It is my belief that with the passage of time we shall see the Banksand their associated ISOs if any, assuming a fairer much more competitiverole within the Internet.----------------------------------------------------
Click for Author's Recommendation.
The IC Verify (DOS winpopup), PCAuthorize (windows), or MacAuthorize(Mac) Software system allows cards to be processed in the followingways:
No contest as to the issue of Buy or Lease especially when one considersthe distressing fact that the Merchant Service industry is littered withused car salesmen. Stay away from the Lease pitch. And, stay away fromthe Buy pitch. In fact, when it comes to deciding on Terminal productsit would probably be wise to stay away from your Merchant Credit Card Applicationsource entirely. I am reminded of the days of old when telephones had tobe leased from good old AT&T. Same scenario applies. Would you, today,even consider leasing a telephone? Whether it be hardware or software thatyou desire, both are products wholly independent from where you apply foryour Merchant Credit Card Account. And, although your Merchant Applicationsource might offer these Terminal items for sale or lease, you would bemuch better served to SHOP elsewhere for any such Terminal Hardware orSoftware.
Remember, it is imperative you choose a sound financial institution.There are far too many risks involved in the credit card industry for youto be gambling with the security of your hard earned sales revenue. Considerthe following:
In fact, the merchant credit card service industry is more likely tosee an increase in the probability of such mismanagement in the near futurerather than a decrease. This is attributed to the current phenomenon ofhighly competitive and potentially self-destructive price and rate cuttingpractices observed among some of the major players in the industry.
The second period of concern, Online Transactions, is best addressedthrough the implementation of a secured site commerce server such as NetscapeCommerce Server which encrypts for storage the vital credit card information.
As a merchant, you should address possible customer concerns about onlinecredit card transaction security. The issue is not difficult to addressand can be dealt with in any one of the following ways:
AFFN DPI MERCANTILEALERT ECHO MOSTAMERICAN EXPRESS EFS MPACTARJAY ENVOY NABANCOBANKMATE EXPLORE NDC (National Data)BT NO. AMERICA (MCI) FCS NOVABUYPASS FDR NPCCCA FDR-AVS NYCECERIDIAN (CDC) FHB POSTECH/HONORCES FNBO PREFERRED CHECKCHECK AMERICA FTB PULSECHECK CONNECTION GECC REDBOOKCHECK FREE Generic VISA-1 & 2 SELECT CHECKCHECK RITE GULFNET SHOPPERSCHECKS, INC. HONOR SPS (SEARS)CHECK TECH ICCA STARCHECKTRONIC INSTA-CHECK TDSICNET INTERLINK TELECHECKCOMMLINK JBS TELECREDI (Equifax)CORE DATA LITLE TRANSNETCROSS CHECK LYNK URUGUAY VISACSA MAC VALICHEKCSI MAGCARD VISANETCVE MAPP (BANK NET) WELLS FARGODISCOVER MDI (Modular Data) YANKEE 24
MacAuthorize, being a MAC based application, can be directlycompared to PCAuthorize in ease of integration with Point of Sale softwareprograms.
Option One: For U.S. and Non U.S. Merchants"20Msig" ProgramThis U.S. based merchant bankcard program requires Non-U.S. applicantsto:
Additional options exist for Canadian merchants wanting to accept creditcards. Please Scroll Up to the preceding Answer Number 26 directly above.
Yes. Multiple merchants can have their funds deposited into their ownseparate bank accounts. This is ideal for busy professional offices, fulfillmenthouses, multiple locations on a Wide Area Network, etc.
Yes. Recurring transactions can be billed automatically to credit cards,or the recurring transaction amounts can be withdrawn from checking accountsvia Electronic ACH.
GO TO THREE SMART STEPS.
Yes, it is possible for both U.S. merchants and Non-U.S.merchants toaccept credit cards for such business ventures. However, be aware thatVisa has imposed a specific requirement which is a variation on the standard merchant credit card
Prospective casino customers would be instructed to link to this secondwebsite to use their credit cards for the purchase of Electronic Cash unitsor E-Cash credits to be used/redeemed (much like tokens or vouchers) atthe merchant's casino gaming site.So..., to get your casino business up and running, here's what youneed to do:
Note: the E-Cash site referenced should beconsidered a demo, an aid in the design of your own E-Cash site. It isnot recommended that you utilize the services of this or any other E-Cashsite other than your own.
Step 3 - Integrate our Fully Automated Credit Card TransactionProcessing Service Verisign/Signioto your E-Cash site to achieve realtime online credit card processing.
To which merchant credit card acceptance program shall I apply?20MSig merchant account
See complete Ecashrequirements checklist at http://www.mktmkt.com/pre20m.html
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