My Merchant Account
It may seem complex at the start but really it's quite simple.To accept payments from your internet site you need a Merchant account with your bank. All the banks .. ANZ, ASB, Bank Of New Zealand, Kiwibank, The National Bank and Westpac, associated with the Paymark Certified Solutions Provider program offer Merchant accounts for both Visa and MasterCard.
If you wish to accept payments from Cardholders that prefer to use American Express or Diners cards then you will need to establish a further business relationship with these two institutions.
Once your customers have started paying online for your goods and services the funds payable to you at time of settlement, usually next day for Visa and MasterCard, can be paid into any New Zealand bank account.
Charges for the Merchant account facility are levied by your bank as a percentage of each transaction. This is called the Merchant Service Fee (MSF) or discount rate. In addition there can be a fixed monthly fee, transaction fees, a monthly minimum order and a one-time setup fee as well. The MSF will vary from bank to bank. Some of the factors that banks use to determine what Merchant Service Fee to charge may include;
- the type products or services you are selling.
- the average amount of a transaction.
- your projected monthly sales volume.
- how long you've been in business and what kind of credit rating you have.
- the relationship you may already have with the bank.
- the kinds of cards you want to accept.
Banks and card schemes are keen for you to use eCommerce and are investing heavily in the systems that give cardholders and merchants the ability and confidence to accept payment for goods and services on the Internet.
If you do not have an existing business banking relationship Paystation can help point you in the right direction, just complete the contact form below, tell us who you bank with and we will arrange the rest.