My name is Matthew Bredel and as of March, 2007, I am a full-time, work-at-home internet marketer.
For close to 10 years, I worked for a defense company which was an OK job, but I was so uninspired in life and frankly, I needed some more money. That is when I first discovered internet marketing! Now I admit that I didn't start making thousands in my first couple of months (in fact, I lost my shirt!), but I finally saw the "internet light"...
Don’t get confused, though, between the Payment Gateway (like Authorize.net) and the Merchant (which is the bank). Authorize.net is fairly common with many online merchants (and most of the time, they dictate the gateway). This gateway is like the “processing machine” or the middle man between the transaction online and the bank. When choosing shopping carts and merchants, be sure that their gateways are compatible (like when using things like 1ShoppingCart, InfusionSoft, XCart, etc.).
In the online space, companies like PowerPay seem to dominate, but there are tons of other options out there. Check out the rates and the monthly fees, but also, if just starting, beggars may not be choosers. There is usually an iterative process to getting accounts. Many merchants require to see the sales page and shopping cart first. Then there are the “limits” (how much you can charge per item and per month). Unless you have a proven track record, these limits can start off low (which may be OK at first, but keep it in mind…you will be able to raise it after you prove yourself, but if you expect to merchant a multi-million dollar launch like Jeff, it is going to be tough without the history behind it).
One final note about recurring payments…Merchant companies (aka, banks) are looking down on continuity programs quite a bit. Remember that Visa shut down all “negative option” (i.e., $1 trials + forced membership) continuity programs in the US at the end of last year (me being a victim!). So they are cracking down on this stuff quite a bit and they are much more “picky” if they initially hear you want to charge on a recurring basis. Don’t let this discourage you, but keep in mind.
Those are just a few thoughts on merchants…more questions are always welcome! (I deal with it a lot these days, it seems!)…cheers…matt
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To learn more, visit our PowerPay Review and other Merchant Account Reviews.
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