merchant account providers
Question
How does a merchant account work? I'm so confused?
Hi there, I'm so fraustrated with this. I have an online store (I haven't finished desgined my website yet but upload hundreds of anime dvds for sale) My website is at www.knanime.com I called a merchant account provider and they want to charge me $10 per month with the rate of 2.45% with $50 set up fee the representative said gate payment with authorize.net and I asked her my website builder have the choice of authorize.net payment but it I enter two things "Login and Transaction Key"...I don't know what is that, I asked "Will you guys give me Login and Transaction Key" of authorize.net so I can enter and start accept credit card/debit card. She did not understand. I'm confused please explain for me. THanks.
10 months ago - 1 answers
Best Answer
Chosen by Asker
The login and transaction key are provided to you by Authorize.Net. They are in essence the login and password to their software (not your actual account) that allows your website to use them to facilitate communications with your merchant account provider. Basically Authorize.net is acting like a credit card terminal for your website and the login and transaction key is their way of making sure no one is abusing your account with them. BTW, those merchant account rates you were quoted are a bit high. I'd suggest looking around for a new provider.
Source(s)
Merchant Accounts 101 www ... Ecommerce 101 www ... What is a Payment Gateway? www ... Authorize.Net is NOT a Payment Processor www ...
by stymiee
10 months ago
Asker's Rating: 