Sure, if they're an individual impulse buying some shit they saw on Robb Report or something. Not so much with commercial and condominium complex gyms that operate like regular businesses.
How to accept HUGE payments?
- Thread starter Rotalihinna
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Sure, if they're an individual impulse buying some shit they saw on Robb Report or something. Not so much with commercial and condominium complex gyms that operate like regular businesses.
My other business is real estate and I rehab a lot of houses. It's not uncommon for me to buy $10k+ of materials online in a single transaction with a credit card.....not sure why it would be an issue? If I had to start wiring people money it'd be a pain in my ass.
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They regularly process 10k+ CC orders every day.
Also most construction wholesalers easily process 10k+ worth of materials using online order forms.
I'm surprised no one has brought up the fraud risk of taking CC.
Sure you can take CC on 5 figure payments. But you either better have 90%+ margin product or be very familiar with dealing with CC fraud friendly and otherwise. Because if the transaction gets reported by the card owner as a stolen CC or unauthorized transaction you will lose a CB. Even having the persons ID and signature is not actually going to save you 100% of the time, it will just give you an easy time in small claims court and scare off the thieves.
If you ship out a product that's worth anywhere close to what you are charging you will get burned by stolen CCs and friendly fraud very hard if you don't know what you are doing. That's the #1 reason to require a wire IMHO.
Sure you can take CC on 5 figure payments. But you either better have 90%+ margin product or be very familiar with dealing with CC fraud friendly and otherwise. Because if the transaction gets reported by the card owner as a stolen CC or unauthorized transaction you will lose a CB. Even having the persons ID and signature is not actually going to save you 100% of the time, it will just give you an easy time in small claims court and scare off the thieves.
If you ship out a product that's worth anywhere close to what you are charging you will get burned by stolen CCs and friendly fraud very hard if you don't know what you are doing. That's the #1 reason to require a wire IMHO.
I was already gonna go just with invoice/wire for the condo managers I knew (and everybody else I'd be doing business with from "real life").
I also want to have an online presence though and I want other condo managers to be able to find my site through Google. What'd be the process of them making a big purchase like that from there?
I've been checking a few fitness stores and they all seem to nonchalantly accept credit cards for $100,000 orders. Just go here and add 10 of this item to your cart and try to check out: Legend Fitness Combo Jungle 965
or here York Barbell 5-150 lb Cast Iron Legacy Dumbbell Set
So there's no on-website process to deal with massive orders (other than credit card). It doesn't even say "contact us if your order is larger than $xxxx". So what do these guys do then?
I also want to have an online presence though and I want other condo managers to be able to find my site through Google. What'd be the process of them making a big purchase like that from there?
I've been checking a few fitness stores and they all seem to nonchalantly accept credit cards for $100,000 orders. Just go here and add 10 of this item to your cart and try to check out: Legend Fitness Combo Jungle 965
or here York Barbell 5-150 lb Cast Iron Legacy Dumbbell Set
So there's no on-website process to deal with massive orders (other than credit card). It doesn't even say "contact us if your order is larger than $xxxx". So what do these guys do then?
What do you mean what do they do? From your link it's clearly stated "Credit Card Checkout" and they even have a PayPal option.
Exactly THIS.
OP, all it takes is a couple of lost chargebacks to really fuck up your cash flow. The fraud risk in your case is extremely high.
If you are really stuck on offering CC as an option I would do this:
-In your merchant account make sure you enable all fraud detection. There are varying levels. The highest level ensures that ALL data including billing address match perfectly to what is on file.
-Offer a ~2-3% discount for customers who pay via wire transfer. Have your wire info presented in a nice pdf that you can email them.
What do you mean what do they do? From your link it's clearly stated "Credit Card Checkout" and they even have a PayPal option.
Yeah but I'm not sure if the order would actually go through if you tried to buy 20 of those things for $260,000. Not that anybody would need to spend $200,000 on that site; but theoretically they don't even seem to have a limit after which they display a "hey we can't do CC for that size order".
Call them as a customer, tell them you want to make sure your card will work for a $30k purchase before you check out, and then nonchalantly ask if there is an upper limit to your order total if you pay with a card. Create an account and have the shit in your cart before you call.
When you open a merchant account through a traditional merchant processor they ask you your average order size, so when something out of that range occurs people are alerted. For example if you are processing orders averaging $50 to $100, then a $10K order comes in, that will send up a flag and there are internal mechanics that start. First thing that usually SHOULD happen is as a business you get a call from your merchant processor asking if the $10K order is legit. If your business has a maximum processing limitation set that's imposed on your side - you are the one that have to deal with that.
Regarding you as the customer your only limits are what your the issue bank imposes on your card.
If the question is "can you take orders over $10K online?" - the answer is yes.
If the question is "Is it SMART to take orders over $10K using CC?" - Well that depends, I hope you are smart enough to know the risk. I wouldn't take any CC orders outside the USA for example over that amount if I'm selling a physical good. If it's a service, that's another thing, but as with anything - since you are the one accepting the money you have to know the risks that exist with processing money.
If you are doing volume then it's just easier, but you still have to have your fraud protection system in place. It's definitely not a walk in the park when accepting money.
bitcoin.
Regarding you as the customer your only limits are what your the issue bank imposes on your card.
If the question is "can you take orders over $10K online?" - the answer is yes.
If the question is "Is it SMART to take orders over $10K using CC?" - Well that depends, I hope you are smart enough to know the risk. I wouldn't take any CC orders outside the USA for example over that amount if I'm selling a physical good. If it's a service, that's another thing, but as with anything - since you are the one accepting the money you have to know the risks that exist with processing money.
If you are doing volume then it's just easier, but you still have to have your fraud protection system in place. It's definitely not a walk in the park when accepting money.
bitcoin.
If you're taking payment for stuff over 10k you can afford to vet your buyers under normal circumstances.....
That said, the normal method is ach or wire for a reason. Nobody wants to pay percentage fees on thousands of dollars or take on the risk exposure from a buyer friendly fraud protection system.
That said, the normal method is ach or wire for a reason. Nobody wants to pay percentage fees on thousands of dollars or take on the risk exposure from a buyer friendly fraud protection system.
This, this and this.
If you open up a NEW online store and ship $10k purchases without getting a signed authorization form and doing due diligence... you are exposed to getting rapped. And even if you do that, you are still exposed.
I remember when I first opened an online ecommerce site. I will not forget the feeling of:
"But I sent these guys their product, WTF, why am I not getting paid?"
Ah, the joys of being targeted by a large 'carder' group. And then by assholes who genuinely own the card, but don't give a fuck. Then you need to deal with collections.
For online orders, ACH, but even that has a risk of dispute.
You better have fucking huge margins or large volume if you want to take CC payments on $10k orders. Especially without your own MID where you have better leverage for handling disputes.
For orders this size, most times it's "fill out this form, and one of our professional sales reps will contact you for a free consultation".
Don't most of those people have accounts setup with their suppliers, and only need a PO# for purchases? Most times, the person placing the orders won't even have access to the company funds. It will be the project foreman or whoever, not the lady in the office who handles accounting / billing.
As a quick follow up, when designing your site, you want to concentrate on lead generation, not sales. I don't care what other WF members say, nobody is going to find you via a Google search, then plug in their credit card for a $10k+ order without at least first talking to someone. Just not gonna happen.
So don't worry about listing all the products you have in a gallery, or anything like that. Put that into a PDF file you can use as a sales brochure, but don't offer that PDF online. Use it to invoke exclusivity to your leads.
Use the site for lead generation, hence concentrate on the "perfect fitness area" type scenario, and pitch to people how you can help them achieve that. Get them to fill out a lead gen form, send them the PDF sales brochure, and from there, it's your job to sell them on $10k+ worth of product.
So don't worry about listing all the products you have in a gallery, or anything like that. Put that into a PDF file you can use as a sales brochure, but don't offer that PDF online. Use it to invoke exclusivity to your leads.
Use the site for lead generation, hence concentrate on the "perfect fitness area" type scenario, and pitch to people how you can help them achieve that. Get them to fill out a lead gen form, send them the PDF sales brochure, and from there, it's your job to sell them on $10k+ worth of product.
For expensive items we find that 90%+ customers call and want to talk.
We're talking $5-10k+ per-transaction.
The website right now is shit, and only has had 3 checkouts but we've managed to sell 100s of thousands of goods on the phone, and run out of inventory.
PS: print ads still work.
We're talking $5-10k+ per-transaction.
The website right now is shit, and only has had 3 checkouts but we've managed to sell 100s of thousands of goods on the phone, and run out of inventory.
PS: print ads still work.