I haz a 5 year old merchant account, wat should I do?

makethatgreen

makethatgreen

The Freeway Killer
Mar 1, 2009
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So my dumbass just realized I've been charged roughly $30/mo for the past 5 years for a merchant account that I've never used. It was for a project that never came to fruition...

The account is from Redwood Merchant Services, can't remember that exact name of the site I got it from though...

My question is, is there any advantage to keeping this account or should I just ditch it and save a massive $30/mo?? Does have a 5 year old acct have any type of value or advantage over newer accts?


Here are a couple bewbs for you late night lurkers... (sorry, it's late & I've been drinking, the chicks aren't dimes)

Edit: I removed the titties since I forgot the boobs icon, don't want to get some of you gay webmasters in trouble with the wifey or bossie.
 


Here are 4 boobs...

The boobs from OP...























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$30*60 = $1,800

$1,800 compounded annually at 15% = $3,620.44, minus inflation of roughly 3% = 3,172.22 in "real dollars" from 2007.

Therefore, sell it for atleast $3,700 if you want a return on your investment that well beats the stock market.
 
I closed my merchant account today in favour of using Paypal. Less fees, less headaches and I can drop my business bank account.

This of course does not apply if you're talking about dodgy rebills.
 
johnmatrix said:
I closed my merchant account today in favour of using Paypal. Less fees, less headaches and I can drop my business bank account.

This of course does not apply if you're talking about dodgy rebills.
Click to expand...

No headaches with Paypal?? Must be an Australian thing?
 
makethatgreen said:
No headaches with Paypal?? Must be an Australian thing?
Click to expand...

Yeah honestly I've been using paypal for about 6 years and never had a single issue with it. I run a number of completely legitimate ecommerce sites which each require a separate merchant account, so I decided to drop the whole checkout process and just throw people to paypal's checkout instead.

It's safer, customers don't have to create an account on my website nor do I need a separate merchant account for each site. Haven't noticed a drop in conversions.
 
johnmatrix said:
Yeah honestly I've been using paypal for about 6 years and never had a single issue with it. I run a number of completely legitimate ecommerce sites which each require a separate merchant account, so I decided to drop the whole checkout process and just throw people to paypal's checkout instead.

It's safer, customers don't have to create an account on my website nor do I need a separate merchant account for each site. Haven't noticed a drop in conversions.
Click to expand...

Are you pushing digital or physical products on your sites? Back when I used paypal, any type of virtual/digital product was no bueno. Maybe they've lightened up over the years, it's been awhile since I've accept payments through them...
 
makethatgreen said:
Are you pushing digital or physical products on your sites? Back when I used paypal, any type of virtual/digital product was no bueno. Maybe they've lightened up over the years, it's been awhile since I've accept payments through them...
Click to expand...

Physical all the way
 
OP, there are millions of business/merchants like you that the processing company loves. They keep all the monthly fees, and not one single headache from you. The only benefit you have is with your processing company, other than that, you are just throwing your money away. Also $30 monthly fee is more than double the fees. I'd get rid of it if I were you, wasting money.

Honestly your account was a processing company's wet dream, for 5 years too, jeez. High monthly fees, no activity, just free money.
 
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