Credit Card Processing
CoverBoom supports several kinds of credit card (CC) processing so you can choose the option that is best for your business.
When assessing these options, please keep in mind that they are each different in their application process. Some have fixed monthly fees plus a transactional fees, others have no monthly fees but slightly higher transaction fees. We recommend Stripe for it's elegance and simplicity. Here's a quick overview of the basics:
Processor | Setup Fee | Monthly Fee | Transaction Fee | Deposit Time |
Authorize.net | $99.00* | $25.00* | $.10 | Same as In-Store |
PayPal Website Payment Pro | None, Subject to Credit Check | $30 | 2.95%** | 2-4 Days |
Stripe Payments | NONE | NONE | 2.90% + $.30 | 2 Days |
*Your processor may have a special agreement that changes these rates **Rates decrease with volumes above $3000 per month ***May decrease as you run more transactions |
Consult each processing method's detailed help topic for how to get started and to download any associated documents.
With ANY processor, we strongly recommend that you TEST a purchase before your clients do for you!
Stripe
Stripe is our preferred processing partner. It is simple, easy to configure, and minimal fees are charged to manage the account. Details on Stripe Setup.
Authorize.Net
Authorize.Net makes it possible to connect to an online merchant account. Details on Authorize.Net
Setup fee: usually about $99. Monthly Fee $25/month with our discount; batch fees $0.10 + transaction fee $0.10; does NOT include your cc processing fees.
http://www.authorize.net/solutions/merchantsolutions/onlinemerchantaccount/
Our Authorize.net Reseller ID is 6180
It is Internet based and compatible with a wide variety of online merchant accounts. It is usually an extra service that must be purchased separately from your online merchant account.
PayPal Web Payments Pro
PayPal is an inexpensive, yet robust method for accepting CCs over the Internet. It is only Internet-based, and cannot help merchants who desire a terminal (for in-store CC swiping) or need to process CCs over the telephone.
CoverBoom can connect to your PayPal Website Payments Pro account, for automatic CC processing of your Instant Online GC sales! Details on PayPal
Monthly fee around $30/month; does not include your cc processing fees, which are typically 2.2% - 2.9% + $0.30 per transaction with major credit cards, depending on your application.
PayPal's Getting Started Page for Website Payments Pro