Affiliates will be required to choose ONE platform that they want to use to receive online payments, either Paytrace with a standard merchant account or Square Checkout. To help affiliates aid in their decision making, we have compiled a few pros and cons of each option. These points are not all inclusive and each affiliate will have to weigh their own priorities in deciding which platform will work best for them.
PAYTRACE + MERCHANT ACCOUNT
Merchant account examples: TSYS, Global, First Data, Chase Paymentech
Paytrace now offers merchant services for an all in one solution. View here.
Pros
• Lower transaction rates; rates and fees decline as volume increases
• Many processors to choose from allowing for a more customized solution
• Paytrace interface is user friendly & good reporting
• Good customer support
• Paytrace stores card information, allowing bidders to pay with card on file
• Funds are released on schedule without fear of being held
Cons
• Ability to secure a merchant account and transaction limits determined by credit check
• Setup, monthly recurring and PCI compliance fees apply
• Rates fluctuate based on type of card used (credit, debit, rewards, etc.)
• May or may not offer a POS option, requiring an alternate method of accepting cards at removals
SQUARE CHECKOUT
Pros
• Quick and easy to activate – no credit history required
• User friendly interface and good reporting
• Single processor for online and on-site transactions simplifies bookkeeping
• Fixed rates to key in card
• No setup, recurring or PCI compliance fees
Cons
• Minimal customer support
• Rates and fees don’t adjust based on transaction volume
• Automatic holds on funds (can exceed 30 days) to mitigate losses to fraud
• Winning bidders will need to enter their card for every invoice – no using a card on file
Comments
0 comments
Article is closed for comments.