Merchant Accounts - Automated Processing
Posted by Bruce Kamm on November 13 2009 09:10 PM
Your exchange will require a gateway account with VirtualBarter or Authorize.net and a credit card merchant account to enable real time fee processing to credit cards and checking accounts, with settlement and direct deposit to your checking account.
If you already have a merchant account, most merchant processors integrate with Authorize.net. If you don’t have a merchant account, we can assist you to get an account hassle free in just a few days and have provided a Merchant Account application form in the Downloads section.
If your merchant processor does not integrate with Authorize.net, you would need to change merchant processors. virtualBarter highly recommends our merchant processor partners Worldpay, as an Worldpay merchant account will provide for quick integration with Authorize.net, 72 hour account set-up, and we have negotiated very competitive rates for VirtualBarter exchanges. Contact us for additional details and applications to apply for a VirtualBarter or Authorize.net Gateway account and/or a Worldpay merchant account.
Note that most banks will not provide a merchant account to barter exchanges, as bank underwriters do not understand the barter exchange business model. VirtualBarter has collaborated with Worldpay underwriters to help them understand the barter exchange business model, so that barter exchanges are an approved business type at Worldpay.
Reporting and Settlement
Payments processed through Authorize.net and your merchant account are settled and transferred directly to your checking account. VirtualBarter provides reporting of fees sent for processing, approved charges and denied charges (see reports section).