This is the information sent to a friend for a credit card processing account:
AUTHORIZE.NET VIRTUAL TERMINAL
No cost for set up
$5.00 a month
2.20 % per transaction
2.84 % per transaction if security info is missing
.20 per transaction
No Cancellation Fee
1 week to set up
What’s wrong with this offer?
Authorize.net does not provide payment processing. They are a gateway only.
Some Payment processors provide virtual terminals, including the ones I represent. For straight credit card processing (not recurring billing), the authorize.net solution would be an extra layer since you would pay for a gateway, and then for the processor. There is no exception- authorize.net does not and will not process credit cards.
RECOMMENDATION: Pass! Without examining rates, the representation is incomplete at best and I don’t recommend doing business with anyone who doesn’t provide full disclosure until after the fact. All the true details would come out later after the ‘initial paperwork’ is done.
Note: Authorize.net does have a virtual administration, but the processing is not done by them so the contract must be with a different party. I personally have access to the Authorize.net administration as both a reseller and as an account user. As a reseller, I can set up accounts on demand, and set the rates the merchant will pay, adding on some profit to my fixed costs if desired.