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PayPal Website Payments Pro Read Article Here: http://www.wilsonweb.com/art/transact/paypal-pro.htm
I was wondering if you guys heard about this and if OSMax was working on a payment mod....
As of June 20, 2005, PayPal is now offering upgraded services to offer a payment gateway (much like Authorize.net and others) titled PayPal Website Payments Pro. For merchants who choose this service, the transaction will take place on the merchant's site for credit card payments using the Direct Payment API feature, or in three clicks for shoppers who decide to pay directly from their PayPal accounts using the Express Checkout Feature. The third element in this suite of products is the Virtual Terminal, which allows merchants to enter into a web-based interface credit card information obtained via fax, phone, or mail order.
The cost is quite reasonable: $20 per month plus a transaction fee of 30¢ and a discount rate of 2.2% to 2.9% (though PayPal is reportedly waiving the monthly fee for an introductory period). In effect, with this system PayPal is not only serving as the payment gateway but the credit card processor as well.
Looking at prices, since lack of set-up fees saves about $100 to $200 typical charge, we need to compare set-up charges for both a merchant account and a payment gateway -- a big up-front savings. A 30¢ transaction fee is a bit on the high side. 20¢ to 25¢ is more typical of other merchant accounts and payment gateways in my experience. 2.9% is a pretty high discount rate for Internet sales. A number of banks offer discount rates of 2.2% to 2.5%. However, PayPal's discount rate goes down the more sales you have.
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