ChronoPay

Well this doesn’t seem to be too hopeful for ChronoPay, given that I’m looking for commission rates closer to 2% than the current 3.75% we’re paying to WorldPay at the moment.

From the initial response of ChronoPay to my initial enquiry:

If you wish to accept online credit card and debit card payments on your website you must set up a merchant account with an acquiring bank. ChronoPay will assist you in acquiring your own merchant account with one of our bank partners.
 
Accepted payment methods
- Visa
- MasterCard
 
Supported currencies
Card payments can be done in USD, GBP and EUR and settlement will be done in EUR.
 
ChronoPay supplies you with a comprehensive and user-friendly back office that makes it possible to easily manage your transactions. The latest anti fraud methods are offered as a standard part of our payment solutions at no additional costs.
 
Overview of service fees
 
- Setup fee:     None            
- Monthly fee:  None
 
- Commission fee:   4,5%
- Transaction fee:   0,30 Euro
 
Other fees (if applicable)
 
- Refund fee: 1,50 Euro
- Chargeback fee:  35 Euro
 
(Fees are excluding 16% VAT)
 
Holdback
 
There will be a 10% holdback for 6 months. The hold back is kept in reserve to cover possible refunds and chargeback costs. This hold back will be weekly repaid after six months.
 
Payouts
 
All payouts are made on a weekly basis with one week delay from the date of the first transaction was done through ChronoPay’s payment platform.
 
Our acquirer bank will charge you 60 EUR for setting up your POS virtual terminal. There is also a maintenance bank commission charged quarterly which depends on the turnover processed by your POS virtual terminal:
 
>1000 EUR/quarterly :   45 EUR
<1000 EUR/quarterly : 100 EUR
 
Please note that we first need approval for your application from our bank partner. The application process might take between 2-3 weeks.

So, a 4.5% rate PLUS €0.30 per transaction.  No thanks

This also suggests that ChronoPay are operating in exactly the same way as WorldPay/Streamline  – a Payment Gateway (ChronoPay) fronting a Merchant Account with a bank.

If the numbers I outlined regarding WorldPay are out of whack, ChronoPay is even worse.

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