[nycphp-talk] [OT] Authorize.net & banks.
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
D. Keith Casey Jr.
CEO, CaseySoftware, LLC
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