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Need an Online Merchant Account?

Web Payment Software offers affordable options for online and retail merchant accounts. We use a “cost plus” pricing model which allows us to deliver the lowest possible costs to our merchants. We mark up our cost by a thin margin of 0.3%. Why pay 2.9% on every transaction when you can pay rates as low as 0.35% . We will assess your business and pair you with a processing partner who can best meet your online or retail credit card processing needs and provide you with the most competitive pricing for your online transactions.

Why Choose Web Payment Software?

  • Knowledgeable customer service
  • Fast approval & set up process
  • Great rates - 30 basis points over interchange
  • No early termination fee!
online merchant account

Why is cost plus pricing the best choice for an online merchant account?

The current pricing for a transaction at the industries two biggest players is a flat rate of 2.9% plus 30 cents a transaction. The actual cost of the transaction for the processor varies quite a bit. MasterCard Visa & AmEx charge the processor within a range of 0.05% to 2.9% and 10 – 21 cents per transaction. The charge by the credit card brands (Visa/MasterCard) is called “Interchange”. The actual Interchange rate charged for a transaction depends on several factors.

How are the transactions being placed?

  • Retail card swipe (card present)
  • Face to face
  • the phone (keyed in to a swipe or virtual terminal)
  • eCommerce website (card not present)

What type of credit card is being used?

  • Consumer debit cards
  • Consumer credit cards
  • Corporate credit cards
  • International credit cards

Other factors

  • The merchants industry (how prone is the industry to fraud)
  • Time between the authorization and the settlement of a transaction

Click here to see list of Interchange rates as of 2016.

How we make money on a merchant account

We mark up Interchange (all of the fees from MC/Visa) by 30 basis points and 10 cents per transaction. 30 basis points is 0.3% or 30 cents on a $100 transaction. Plus we charge for the use of Web Payment Software (as does Authorize.net or PayPal, are fees are 25% less). Your effective rates will range between 0.35% and 2.9%. These average out to about 2% per ecommerce transaction which is way less than 2.9% charged on every transaction by the big players in the industry.

Virtual Terminal & E-Commerce Merchants

Card Type Popularity Interchange Rate WPS + True Rate
Visa Debit Keyed CPS 4 % 15¢ + 1.650 % 0.30 % =   1.95 %
Visa Debit Keyed CPS Regulated 14 % 22¢ + 0.050 % 0.30 % =   0.0.35 %
Visa Debit Keyed Business 1 % 10¢ + 2.450 % 0.30 % =   2.75 %
Visa Debit Keyed Business Regulated 3 % 22¢ + 0.050 % 0.30 % =   0.35 %
Visa Credit Keyed CPS 16 % 10¢ + 1.800 % 0.30 % =   2.10 %
Visa Credit Keyed Rewards Traditional 17 % 10¢ + 1.950 % 0.30 % =   2.25 %
Visa Credit Keyed Rewards Signature 3 % 10¢ + 2.700 % 0.30 % =   3.30 %
Visa Credit Keyed Rewards Preferred 4 % 10¢ + 2.400 % 0.30 % =   2.70 %
Visa Credit Keyed Corporate 3 % 10¢ + 2.650 % 0.30 % =   2.95 %
MC Debit Keyed 2 % 15¢ + 1.600 % 0.30 % =   1.90 %
MC Debit Keyed Regulated 8 % 22¢ + 0.050 % 0.30 % =   0.35 %
MC Credit Keyed Consumer 8 % 10¢ + 1.890 % 0.30 % =   2.19 %
MC Credit Keyed Enhanced 4 % 10¢ + 2.040 % 0.30 % =   2.34 %
MC Credit Keyed World 9 % 10¢ + 2.050 % 0.30 % =   2.35 %
MC Credit Keyed World Elite 2 % 10¢ + 2.500 % 0.30 % =   2.80 %
MC Credit Keyed Corporate 2 % 10¢ + 2.650 % 0.30 % =   2.95 %
Average Transaction Rate 2.09%  +  22¢

How the Credit Card Process Works

how an online merchant account works

The Benefits of having an Online Merchant Account

Offer More Payment Options to Your Customers – accept all major credit cards, gift cards, and debit cards

Online Transaction Management – Our payment software allows you to monitor and manage transactions for your eCommerce site, our virtual terminal, or our Web Payment Software™.

Get Payments Quickly – Money collected online reaches your business checking account quickly, typically in just 2 business days.

The Most Competitive Rates – Our competitive pricing makes us a great PayPal alternative. We will help make the most of your online business and increase your profit margins. Save now on discounted merchant account rates, even if you are just getting started with your online business.

Free Merchant Support - Receive customer support for your merchant services from our qualified representatives.

How to Reconcile a Merchant Account

merchant account reconciliation merchant account reconciliation template download

Tips for Saving Money On Your Merchant Services

Tip 1: Most merchant banks charge a PCI DSS non-compliance fee of $19.95 per month if you have not completed your required PCI DSS self assessment questionnaire (SAQ). There is an SAQ validation tool to assist merchants to self-evaluate their compliance included in your merchant services. Get this done and the $19.95 monthly fee goes away. The staff at Web Payment Software are happy to assist in this simple process.

Tip 2: Some merchant banks (American Express being one) charge to print and mail you a monthly paper statement. You can sign up for online only statements and save yourself up to $10 a month.

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