Need a credit card and payment processor

[vizon]

Because, PayPal is for payments, but we have a seperate PayPal merchant services account that wants to retain 30% of our sales for 4 months... let me put it this way.

-PayPal account for main company (other funds for other businesses) - We get money 100% right away

---PayPal merchant account for Mod Cut- because this processes cards, they hold 30% of funds 90 days

The PayPal account for Mod Cut processes credit cards. In return it wants to retain 30% of all fee's.. even transactions WITHOUT credit cards. So we are not using it right now, its not worth it to me. I am trying to get my rates into the PayPal Advanced program which is the exact same as I listed in the above post without the 30% reserve fee. (The reserve is because of my credit issue, that was cleared up.)The merchant services account is a child account under the main parent account. Our main account deals with other finances of my business etc. The child account would be for Mod Cut only and cash out into the parent account at the end of the day.

Because customer service is COMPLETELY different at merchant services, I must call the same sales lady anytime I need anything. SHE IS AWFUL and never returns calls, etc. Since I have the Advantage support team on the parent account I am going to try and have them pull some strings and connect me with someone who can help (the advantage support team will literally do anything and can make anything happen, but they DO NOT do merchant services).

I just dont want a 3rd hardpull in a months time.

As for social networking, you are correct. I am a one man team here, so everything is done by me. I did the full website (I do web development) and have been investing my time in the new site which is coming soon. That is on the to do list. Keep in mind I only launched Mod Cut independent website this past November. Its only like 3 monhts old.

Thanks so much for the advice everyone. Here is what I am going to do: next week, when my credit report updates, apply for a Chase Freedom. THEN I will do another hard for PayPal IF I MUST.

As for the car situation, when taking out a car loan how much will my credit score go down? I am right around a dozen points from 700 and I am assuming this has to do with only 3 years of credit history on my report. Like I said there are 2 30 days lates which will be 2 years old soon. Everything else is perfect. Maybe an auto loan would even help?

[pipeguy]

Ah okay, it's PayPal that wants to hold 30% - doesn't surprise me. Like I said, I would not put up with anyone holding 30% of my funds for any period of time other than normal processing times (AmEx has programs that hold 7 days at a lower rate or 2 days, that kind of thing is ok IMO). I'd look into various shopping cart programs that link to online merchant accounts or look into direct merchant accounts through Costco (I think they still offer them). Use PayPal as a usual payment option, but forget their Mega-Merchant (whatever it is) with their 30 percent hold.

I've heard a lot of horror stories about PayPal doing 30 day holds for no reason and always giving refunds even if someone returns an empty box. Of course if you are just trying to get your foot in the door to start taking cards until you can upgrade your merchant accounts later, then any port in a storm, go with whoever you can get ASAP.