NYCPHP Meetup

[nycphp-talk] [OT] Authorize.net & banks.

Keith Casey mailinglists at caseysoftware.com
Sun Sep 23 12:10:36 EDT 2007


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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