Looking to start my own 2checkout

[cmercier]

Hi,

I have quite a few websites online and I would be interrested in starting my own little 2CheckOut. That is, a 3rd party payment processor that I would own and run. It would handle billing for all my websites (and maybe a few other too).

I will need the name of the store to appear on the credit card statement (pretty much like Paypal or 2Checkout does, ie: -- 3rdpartyprocessor.com - MYSTORE --).

Also, I'd like to support Verified by Visa and Secure Code by MasterCard (or whatever it's called, can't remember).

Where can I get a merchant/gateway account that would provide the features I need?

If you have any other information that'd be useful for me, go ahead! I need as much as possible!

Thanks! :)

Carl

[Robert]

modernauthorize.com

[cmercier]

Unfortunately, modernauthorize is only for web hosting businesses. I have different types of businesses (including web hosting, of course :) )

Thanks

[tranz]

This is rather easy to answer.

Form a business and incorporate it.
Go get a business bank account.
Find a merchant account from a company with a good rep and better pricing.
Have your other businesses as clients to the first company.
First company would run all the processing for all the other businesses.
Check with the bank and the various CC companies and see if this would be concidered as a 3rd party transaction. See if its ok first.
All the invoices and CC statements would show the main company info that is running the credit cards.

Your Done...
Good Luck

[rockergrrl]

And make sure you have lots of $$ for liability insurance... Because if you mess up, or anything like that, you never know when you might be sued.

I'm sure PayPal has lots of money in liability insurance (and they still mess up).

[Corey Bryant]

Starting your own third party processor is virtually impossible. You need at least $1 million in capital to invest in this. You will need to create your own gateway, locate a bank to sponsor you, and then be prepared to pay a lot in fees - especially chargebacks.

Visa has VBV and Masercard has the Secure Code.

[C&S]

Carl as Corey said it is possible to get an IPSP account, however be prepaired to spend some funds. First you need to secure a bin from a bank, and depending on what type of processing you would like to do you, will be limited to what you can process within that bin. Not to mension you will have to put up a large reserve (hundreds of thousands, if not millions) to secure your IPSP account and be liaible for underwriting, chargebacks, your gateway, customer service just to name a few items.

[Ross]

Umm good luck, I think everyone else has summed it up pretty nicely.

[Miklo]

Many people think this is easy, especially shopping cart providers and web hosting companies, but like Corey explained, it is nearly impossible.

Off course, if you have the finances to back it up you would be able to do it, but banks will be very wary and they will ask for a security deposit. Normally, this would be a 10% of sales volume for six months.

[pnorilsk]

I think I have very different opinion. It's quite doable.

Regards,
Peter.

[Miklo]

Could you also back that up?

Also depends on which country you are located in. If you are the first one in your country who will be offering this type of services and you have a bank behind you that supports you, of course it will be doable.

It is just not as easy as many people think, there are sooo many thing you have to consider when you want to be a third party processor. Especially these days when they all have to be PCI (Payment Card Industry) compliant, which will be a standard for acquiring banks soon.

[pnorilsk]

I think I can. If you have a legitimate business capable to establish the merchant account, we will be able to provide the solution with interfaces to major shipping and credit card processing companies.

[Corey Bryant]

If you are really serious about this - consider starting your own ISO / MSP and then branching out. This way, you can learn all the ins and outs of Visa / MasterCard. And you can check out The Green Sheet (http://www.greensheet.com/)

[FireStorm]

this will cost you lots of money