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Looking for a good Merchant Account Provider

Posted on 2004-04-16
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Last Modified: 2013-11-29
Hi Friends,

Some programmer friends of mine built a really cool freeware that they want to sell on the net.  I'm building them a website.

We have no experience with setting up a merchant account on the web.

I figured you could help me with recommendations.  do you have a MAP that you like?  What are the gotcha's to watch for?  Is PayPal a good option?  

TIA
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Question by:denam
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6 Comments
 
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Author Comment

by:denam
ID: 10845056
make that SHAREWARE :o)
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KenAdney earned 164 total points
ID: 10845063
IMHO, PayPal is quick, easy and you don't have to worry about security, etc. but it costs more than a usual merchant account.  I'd use it to get started (so you have a point of presence) and then expand later.
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Assisted Solution

by:dejaone
dejaone earned 168 total points
ID: 10847443
denam,

I'm glad you made your software shareware, not freeware :).

To increase your sales, you want to offer your potential buyers as many payment options as possible - paypal, credit card, check and etc.  For starter, your best choice for payment processing is to use a share registration company, so you can focus on marketing the product online. If you're luck to make a lot of money, you can consider setup your own merchant account to process payment yourself.

I use www.regsoft.com to process payment for my shareware.  You can find a lot of resources on the net for shareware marketing and payment processing.

wish you good luck and make your first sell soon.
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LVL 29

Assisted Solution

by:coreybryant
coreybryant earned 168 total points
ID: 10849007
It depends on what part of the world are that you are in.  Since this is software, I would definitely consider Paypal not as the primary but as an alternative.  

Look at the total costs of what it is going to cost you before you make your final decision.  The transaction rate usually eats up a lot of your profits.  If you use regsoft it seems they woud charge you about $3 for something under $30.  If your product is $10, that is 30% right now.  There are other ways to help to market your software & might be cheaper in the long run.

You can set up Paypal & the merchant account gateway to verify that payment was made before allowing download.  Or you can then give them a registration number if you allow free downloads.  

With a merchant account in the US - your discount rate is going to be about 2.40% & a transaction rate totally $.30.  Using that example  that is about 5.4% total.  

-Corey
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Expert Comment

by:dejaone
ID: 10851022
In terms of shareware pricing. the lowest price you can go is $19.99. Otherwise users will think your software is useless.
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