How to accept HUGE payments?

Rotalihinna

Rotalihinna

New member
Apr 15, 2011
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Hello my fellow homosex friends,

I am thinking of opening up a new store in the fitness niche. I have a couple of connections for commercial/condo gyms, so hopefully these are the guys that I'll be working with.

Obviously I'll also have a website. How does one accept a $10,000+ payment on a website though? And how would customers pay? I'm not sure a lot of people would use credit cards for that kind of purchase. Plus, I know that I'd never be able to get a merchant account that would accept that one-time payment.

Has any of you ever had a website where such massive purchases would be possible? And what's the solution to that?
 


You're hoping people will visit your online store, then checkout for $10k+?

As for payment, wire transfer would be the best option. I don't know what country you're in, but I know in Canada, anything over $10k get reported to Revenue Canada.
 
Go with Stripe.com

What is the maximum amount I can charge with Stripe?

There is a technical limitation of $999,999.99, regardless of the currency, though we don't impose any other limitations atop that. There are no weekly or monthly limits to the amount you can charge through Stripe.

Sauce: https://support.stripe.com/questions/what-is-the-maximum-amount-i-can-charge-with-stripe
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Kiopa_Matt said:
You're hoping people will visit your online store, then checkout for $10k+?
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People do this all day.​
 
^

Ease of use and simplicity.

It's a lot easier for the user to just enter their CC info VS log into their bank account and setup and send a wire.

$300 is nothing when you are doing large payments.
 
(O_o) said:
^

Ease of use and simplicity.

It's a lot easier for the user to just enter their CC info VS log into their bank account and setup and send a wire.

$300 is nothing when you are doing large payments.
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If you're spending $10k, a wire transfer is acceptable. These aren't impulse buys. I'm be surprised people drop that much online without actually talking to someone, ie due diligence...

I wire money to buy stocks, cost of business....
 
shindig said:
Umm stripe charges 2.9%?

$300 for $10k at that rate, versus $25 for a wire transfer...
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You can negotiate with them after a certain level.

Processing more than $80,000 per month? Send us an email at sales@stripe.com

Sauce: https://stripe.com/us/pricing
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And correct it will never be the low one-time $25 charge, but if you are doing 300 orders a month do you really want to sit there tracking 300 wire transfers by hand? The OP stated he wants to take the payments through his website. The guy is looking to setup an eCommerce shopping cart. I take that to mean he wants to have the shopping cart do all the work without manually entered data to confirm wire transfers.

Exchanging higher rates for more convenience is the foundation of what capitalism is built on. The whole luxury car sector would be non-existent if not. Like (0.o) stated it's about ease of use and Stripe is profitable because of it.​
 
CCarter said:

You can negotiate with them after a certain level.



And correct it will never be the low one-time $25 charge, but if you are doing 300 orders a month do you really want to sit there tracking 300 wire transfers by hand? The OP stated he wants to take the payments through his website. The guy is looking to setup an eCommerce shopping cart. I take that to mean he wants to have the shopping cart do all the work without manually entered data to confirm wire transfers.

Exchanging higher rates for more convenience is the foundation of what capitalism is built on. The whole luxury car sector would be non-existent if not. Like (0.o) stated it's about ease of use and Stripe is profitable because of it.​
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If you're doing 300 10k orders per month you can hire someone to fill out the information for a fraction of the fee...

I get what you're saying but damn...throwing money away.
 
shindig said:
If you're doing 300 10k orders per month you can hire someone to fill out the information for a fraction of the fee...

I get what you're saying but damn...throwing money away.
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Yeah you can, you can do a lot of things manually instead of automating it in order to save money.

Edit: There are lower merchant processing then Stripe.com, but realistically Stripe is easier to get than others so people are still exchanging money for convenience.​
 
I once had an affiliate site in the Espresso maker niche and I was always amazed at how well these things converted with beginning prices of aroudn $500 and most going easily into $1500-$2000. I've actually also sold fitness equipment and see less of an conversion.

Who buys fitness equipment worth $10K if not commercial though? Even a gym grade Concept2 rower is no more than $1500. If your buyers are commercial, then the norm would probably be invoice/wire no?

I'm not sure about the US market, but in Europe there are several credit companies, who do invoicing sales to private individuals. It is quite popular in some countries. The company I've seen most is Klarna.

They are also in the US and they basically take over the whole process and allows customers to buy on credit (which they take the risk for).

I would definitely check them out.
https://klarna.com/us
 
Either way, I'd rather do a wire transfer and sleep at night rather than worrying about some mother fucker charging back a bunch of $10k+ purchases via CC.
 
rusvik said:
If your buyers are commercial, then the norm would probably be invoice/wire no?
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Exactly this. I don't know what world you guys live in, but if this is equipment for a condo/commercial gym, the purchase process is going to go through the typical budget, RFP, quotation, approval, invoice, purchase process that businesses go through. The strata/owner/manager isn't just going to slap $10K+ on their CC (if they even have a CC with that high a limit, not everyone is ballin' with 5 figure limits). Payment will, 99% of the time, be done via bank wire in this kind of situation.

It's not some narrow minded way of thinking, that just how the majority of businesses still function, even in this day and age of online purchasing.
 
bluechinagroup said:
Kiopa_Matt's mind is blown again because he can't think outside the box.
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When was the last time you were just casually browsing Google, found a cool product you liked, and plugged your credit card into a small business website for a $10k+ purchase?

From my experience at least, you can get away with about $1500 - $2000 on cc purchases. Anything above that, they're not going to plug their credit card into an online order form. Well, unless you're Amazon, a financial institution, Facebook / Google, or something like that. For small online operations though, no.
 
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Kiopa, there are people much richer than you. Some of them buy expensive stuff, some of it online.

What did you think charge cards were for?
 
Kiopa_Matt said:
When was the last time you were just casually browsing Google, found a cool product you liked, and plugged your credit card into a small business website for a $10k+ purchase?
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I see this with biz opps all the time. You fill out a form and they have a "coach" call you up and try to sell you $10k worth of "business coaching" that they'll try to charge either on a credit card, ACH, or wire transfer.
 
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