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Payecom Merchant Account Requirements

Payecom requires users of its services to have a valid merchant account with a bank. It is the merchant account that settles the funds into your account, not the gateway.

There are varying types of merchant accounts available and almost all of them will allow you to manually enter credit card details into them to charge the credit card, just as you would charge your customer's credit card if you received an order and credit card payment over the phone, by fax machine or through the mail.

A Merchant Account at a Bank For Only $29.00 per year!!
As incredible as it may seem you can own a merchant account at a bank for as little as around $29.00 per year, plus the usual bank transaction fees. Every bank in Australia offers these types of manual merchant accounts. They are a MOTO/CardLink™ type merchant account but may be branded differently from one bank to the next. These types of manual merchant accounts give you a secure website page (just like internet banking) which enables you to easily charge the credit card payments directly into your merchant account that have come to you via fax machine, telephone, normal physical mail and Payecom. An exceptionally easy, powerful and inexpensive merchant account solution.

For the legally minded, these manual merchant accounts from your bank must never be used to transact credit cards "live" on the internet. It would be a breech of your bank's merchant account terms and conditions if you attempted it. All credit card transactions actually processed "live" on the internet must be flagged with a special code that is transmitted automatically to a more expensive type of merchant account designed specifically to work with "real time" payment gateways. This code identifies the transaction as being an internet based live e-commerce transaction being performed by a "real time" credit card processor directly into the merchant account automatically.

Payecom does not transact credit cards on the internet, instead, Payecom securely communicates card holder credit card charge authorisations directly to the merchant so the merchant can then check the order and buyers details then process the charge into their manual merchant account facility.

Subsequently, the MOTO/CardLink™ type merchant account facility from a bank is an ideal merchant facility solution and at only around $29.00 per year (plus bank transaction fees) is a supremely affordable merchant account facility from a bank. It will also allow you to charge credit card payments that come to you by fax machine, telephone and ordinary physical mail.

You can of course also charge credit cards manually into an existing EFTPOS machine. Banks have different varieties of manual merchant account facilities. Please consult with your bank to establish the correct manual merchant account right for you.

And of course with a real merchant account at a bank, your proper business name will appear on your customers credit card statements, not some third party name.

Why Banks Like Payecom
To understand why the vast majority of banks are highly supportive of Payecom, you first must understand the risks banks take in providing their customers with merchant accounts where the older and more established "real time" payment gateway type is used for the purpose of transacting credit cards live online.

There are many forms and types of risks involved when accepting credit card payments online. However, risks associated with the below two specific areas have been identified by the Payment Card Industry as the two main areas of vulnerability, and when combined, account for the majority of credit card fraud (and "charge backs") in the world today. Unfortunately they are fundamentals of when a "real time" payment gateway is used to transact credit card payments live on the internet...

Merchant accounts need to be left open on the internet which enables anyone anywhere to enter any credit card they like directly into your banks merchant account. You have absolutely no control of what is transacted "live" into your account. If a criminal unlawfully obtains a credit card and purchases something on a website using a "real time" payment gateway before the owner reported the card stolen then more than likely the transaction would be approved. The fraud has been perpetrated rather effortlessly.
Credit card and transaction data is permanently stored by a typical "real time" gateway. Transaction information is accessible on the internet so their merchants can return at later times to view online reports and associated information. No matter how strong the security it is a fact that information can never be guaranteed 100% safe if permanently stored and accessible on the internet.

With risks like these you can start to understand why banks view accepting credit card payments on the internet as a "high risk" activity. This is because it is. However, the Payecom manual payment gateway does things very differently. Here are the same two main areas again but this time on how Payecom does things...

Payecom does NOT transact "live" on the internet. Payecom does not require your banks merchant account to be left wide open on the internet. In fact with Payecom your merchant account is nowhere near the internet. With Payecom you are the one in control of what is entered into your merchant account. While this doesn't guarantee you won't ever fall victim to a fraud attempt, it does mean you have the unique opportunity to check all orders and payment details first BEFORE you transact them into your merchant account. Criminals never use their real physical address, phone, email address etc, so it can be surprisingly easy to identify a fraud attempt and terminate it well before it even looks like going near your merchant account. With Payecom it is absolutely 100% impossible for criminals to enter a stolen credit card directly into your merchant account via your website or shopping cart and get the live transaction response they are looking for. It just can't happen with Payecom.
Payecom does not permanently store any credit card or transaction data on its servers. Once Payecom has performed its task and the merchant is in receipt of their customers credit card payment details (similar to a payment via fax) there is not one single piece of information about any transaction stored by Payecom. It is as if the transaction never happened. There is no better security for credit card data on the internet than for it to not exist on the internet.

So, the two highest risk areas associated with accepting credit cards on the internet simply do not exist when Payecom is used as the credit card payment gateway.

Banks are in the business of security and are very supportive of advancements that help reduce risks for themselves, improve security for their merchants and offer increased protection for ordinary credit card paying customers. It would be difficult to find a bank today that does not recognise the unique advantages of the Payecom manual credit card payment gateway system.

It is well known that banks have the flexibility to reduce their merchant account fees when a merchant can prove they are accepting online credit card payments by methods that mean above average security. Especially if that increased security results in eliminating or substantially reducing instances of processing fake or fraudulent transactions into their merchant accounts. If you have been with Payecom for a while and you have an excellent "fraud free" or "charge back free" transaction record then you are quite entitled to request a rate revision of your bank's merchant account fees. More often than not banks will reward you.

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PAYECOM requires merchants to have a valid merchant account at a bank that allows merchants to charge credit cards manually into it