Credit Card Processing?

Young_Ceo · 3rd December 2008, 18:41

Just out of curiosity anyone here in the credit card processing business? I need some insight on the industry, I have a friend that needs a partner and I cant find any straight anwers out there about this business. Please advise!

Thanks,

David

trol · 3rd December 2008, 21:29

I am no longer directly involved with cred card processing but I have built credit card processing systems for PSP (payment service providers) in past. Depending on his or her transaction volume, it may very well be suitable to use paypal (which does accept credit cards) - Most banks will provide ACH processing for a fee. My bank also provides merchant account services but the account manager quietly pointed me to alternatives agreeing that the fee that the bank charged were much higher than other PSPs. Hope this helps.

Young_Ceo · 3rd December 2008, 21:40

I am interested buying into a processing ISO, which sells merchant credit card processing. Sorry if I was not clear.

Intrepidman · 8th December 2008, 23:35

I work in the toll road industry and the software I work on processes 1000s of transactions a day.

Ya gotta be really careful with credit card numbers in this day and age. TJMaxx was practically put out of business because someone hacked their credit card system. IIRC, It cost them something on the order of a billion dollars to inform everyone of the hack.

Bloody nightmare.