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  1. #1
    SitePoint Member
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    Aug 2011
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    Conflicting info

    Hello folks... nice to join this forum.. I hope I can contribute in days to come.

    For now, I have a problem which you may be able to help.

    I'm dealing with a webmaster and a bank credit card guy, and I'm just not clear.

    The bank guys tells me that his bank (TD Canada Trust) will ONLY use beanstream as a gateway for accepting CC transaction into my TD bank account.

    My web builder guy says that there are many payment processors and that he thinks they can be directed to many various bank accounts.

    I just set up my TD business account, for my POS swipe machine, and I'd be happy to have online credit card and Paypal money go into that account as well. But I am not married to TD and if necessary, I will switch.

    My question is, can any of the payment processors be configured to transfer fund to ANY bank account?

    Or, am I missing a basic understanding of the whole process? I'd be happy to hear your suggestions.

    Thanks

  2. #2
    SitePoint Evangelist
    Join Date
    May 2006
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    Austin
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    You basically have 3 components to this. The bank account, the merchant account, and the payment gateway. I'm assuming you're in canada since you're banking with TD canada.

    You will need to find a gateway that is compatible with a canadian bank account. When you setup the gateway and merchant account, you specify the bank account you want it to go into. There's nothing proprietary between a bank and a gateway that I have ever seen. There often is requirements between a merchant account and a gateway. Right now I'm assuming you have both a bank account and a merchant account with TD Canada.

    With that being said, you need to make sure your bank doesn't charge some ridiculous fee for transfers. I've seen some that charge per transfer above 5 or 10 per month unless you use their merchant account as well. You should be able to use any canadian merchant account and gateway you want as long as they are compatible with your canadian bank account.
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