Velocity Payment Solutions - Help Please

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D

Djfreema

  • #1
    Hi there.

    some advice needed please....

    i'm in the process of setting up an e-commerce store. i'm looking at Merchant Accounts (MA) and payment processing accounts (PPA). i'm considering World Pay but their services are too expensive in my opinion.

    After searching through many i'm considering using Velocity. http://www.velocitypay.co.uk/

    Their fees are very resonable. Has anyone used them before

    They offer both MA and PPA. Would this take care of my online needs?

    I'm new to this need as much help as possible.

    Many Thanks

    Daz
     
    D

    Djfreema

  • #7
    sorry i meant internet merchant account. meaning that i could use velocity for the overall package.

    nochex sounds great - but i hear that it doesnt do transactions over £125 and i predict over 10% of my business would be over £125

    u could always apply to nochex for a sales job, u'l be great

    cheers for the help
     
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    R

    Robert

    Free Member
    Dec 1, 2005
    170
    0
  • #8
    Maybe I should! I should definately get an affiliation link or something! :D

    But your wrong, with a Nochex merchant account you can receive much larger amounts. I can receive amounts up to £2500.

    The down side is they charge to set up the account, and keep a fixed amount back to cover chargebacks. This is decided on a case-by-case basis but for e.g. £50 charge, and they keep £500 until 2 weeks after you close you account with them.
    When I applied with worldpay I think they wanted £250 plus 5% of turnover, which for a small business was just crazy!

    Anyway, I hope you are happy with Velocity. I don't know anything about them, so they might well be better!
     
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    thegateways

    Free Member
    Nov 6, 2005
    70
    2
  • #11
    chronopay- I've actually found this to be an excellent system and if you are a small business looking for a processor without having to pay startup costs (like few processor) or cannot wait 3 to 4 weeks for your money (like few processors) then this has to be a right option. :)
     
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    N

    nethosts

  • #14
    We have our IMA with Velocity and so far we have had no problems with them at all. Pricing is good and support is very fast.

    You also have to consider how you are going to use the gateway. We use ModernBill 4 and had no alternative but to write our own module so that we could use velocity. Once this was written though, the gateway works like a charm.

    Negatives would be that there is a distinct lack of information about velocity and Internet Merchant Accounts as a whole.

    You also have to note that they hold back 10% for possible chargebacks.

    Apart from this, I would say that we are very happy with velocity as a whole.
     
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    D

    Djfreema

  • #15
    "They hold back 10%".

    Is this on all transactions and how long do they hold it back for? This is quite worring as the business I was planning would have margins of approx 20% but high in quantity. If they hold back 10% from every transaction may have to look else where.

    Let me know please.

    Thanks,

    Darrell
     
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    N

    nethosts

  • #16
    The 10% that they hold back is one of the things I meant when I mentioned lack of information.

    How they calculate the 10% is not clear to us at the moment and how long they hold it for is also not clear. We're still waiting on the answer to these questions from velocity themselves.

    If it is any indication, then once the contract is terminated (by either party) then they hold on to this 10% of nine months.
     
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    T

    thegateways

    Free Member
    Nov 6, 2005
    70
    2
  • #17
    webit said:
    I was torn between Chronopay and Velocity. Do you pay a monthly fee with Chronopay (I think Velocity is £20pm and 350 transactions free pm but I need to check that)
    Click to expand...

    ___________________________________________________________________

    They can provide you 3rd party solution as well as an own merchant account, chronopay is also offering virtual terminal at no extra costs. With their 3rd party solution there are no monthly fees and no set up fees. I think you should contact their sales dept for more details specific to your need (they offer 24x7 support).
     
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