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PLEASE REVIEW - Cybersource CC Processing for Events

  • 1.  PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-10-2019 14:18

    The Events Module for Higher Logic, replacing Eventbrite for MOTM ticket sales, has three payment processing options, Stripe, PayPal and CyberSource.  I've been in contact with CyberSource, received a quote and the underwriting requirements.  I've reached out to Stripe too. 

    Jim and I talked this over a bit, but I could use the board's help understanding and selecting the best options.

    The CyberSource agreement is a one-time one-event deal.  We can use their gateway or our own.  Please see their quote for more details. 

    The underwriting requirements are pretty hefty, and it will take at least a couple days to put this together and submit.  I doubt we've had this type of scrutiny before.  Welcome to the big leagues. 

    So, dear board members, I need you to review both attachments and let me know your thoughts.  I'm no pro on CC processing and definitely need feedback.   We start ticket sales in about two weeks. 

    @Jerry Norman @Robert Wood @Jim Woodhead @Karen O'Lane @Alan Clark

    ​​​​​​

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------

    Attachment(s)



  • 2.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 10:21
    I am no expert at this. That said, the elements in these docs are quite similar to what SmartBridge had to file for its ACH through APS.
    I do think Amex is a requirement for us. We should find a merchant account that handles it with the others. 
    Can we ask our relevant Affiliates for advice and/or quotes?

    ------------------------------
    Jerry Norman
    President, 90 Minds
    Smartbridge Partners
    512.419.1444 x112
    ------------------------------



  • 3.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 12:59

    The rates look pretty competitive with Stripe or Square. The only way you might get a better deal would be with APS (et al) and it will probably be the easiest one to setup.



    ------------------------------
    Robert Wood
    Consultant
    90 Minds, Inc.
    Ocala FL
    352-615-5898
    ------------------------------



  • 4.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 13:55
    Thanks @Robert Wood and @Jerry Norman

    To throw a new quote out there, Stirpe replied - I like their quote they don't have the montly fees, I'm going to peruse this futher also they take Amex. 

    Hi Moira,

    Thank you for showing interest with Stripe! Jean here again from Stripe Growth team to assist. I'm glad to introduce what is Stripe and it's advantages.

    Just a bit of context, Stripe is a technology company that builds economic infrastructure for the internet. Businesses of every size-from new startups to public companies-use our software to accept payments and manage their businesses online.

    In Stripe, we are a transaction based service - meaning we don't charge any setup, standing or hidden fees. This way we only make money when you make money. Our pricing policy is quite simple, and scales well with any business. Stripe made it sure that our pricing is straightforward and our pricing depends on the originating country.

    For Stripe users in the US, our rates are:
    2.9% + $0.30c per successful Credit/Debit card charge for US based cards

    An additional 1% for international Credit/Debit cards. We also don't charge anything for failed payments. For more details on our pricing structure for US customers, see the link below:

    https://stripe.com/us/pricing

    We also don't charge anything for failed payments. For more details on our pricing structure for US customers, see the link below:

    https://stripe.com/us/pricing

    It's also worth highlighting that with Stripe, we're not just about pricing. Stripe provides access to the most comprehensive and valuable payments technology in the world. The leadership we offer in payments is evidence by our unique payment partnerships with global leading internet companies including Google, Facebook, Twitter, Pinterest, Xero, Shopify and Squarespace. Some of the benefits with Stripe include PCI compliance, ease of integration, presentment in >130 currencies, real time reporting, alternative payment methods such as Apple Pay etc.

    Aside from the pricing aspect, we have simple integration, we also have built-in fraud screening tool, and we also have a user-friendly dashboard where all your reporting is consolidated in one place and can be easily accessed.

    As a reminder, we only charge for successful transactions. Here's a list of things that Stripe does not charge for:
    - no set-up fees
    - no monthly fees
    - no authorisation fees
    - no decline fees
    - no fees for saving and updating cards
    - no PCI compliance fees

    Credit and debit cards
    Integrated per-transaction pricing means no setup fees or monthly fees. The price is the same for all cards. Accepted cards: Visa, Mastercard, Maestro American Express, Apple Pay, Google Pay

    Hope this proves helpful and answers your question, but do let me know if you have any additional questions or concerns.Please don't hesitate to reach out on this email. I am here for you, and always eager to explain anything more.

    Warm regards,
    Jean

    ​​

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 5.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 14:01
    How much were the total CC charges for tickets last year? How many transactions were paid on CC? @Moira Goggin


    ------------------------------
    Robert Wood
    Consultant
    90 Minds, Inc.
    Ocala FL
    352-615-5898
    ------------------------------



  • 6.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 14:05
    Originally, I wasn't doing the math on the monthly minimum correctly.

    The monthly minimum could be a killer.

    ------------------------------
    Robert Wood
    Consultant
    90 Minds, Inc.
    Ocala FL
    352-615-5898
    ------------------------------



  • 7.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 15:04
    @Robert Wood EventBrite fees MOTM 2019 = $4,586.30

    Gross Sales EventBrite = $73,346.00
    Net Sales EventBrite = $68,759.70

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 8.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 15:23
    Charge Freq. Total Desc.
     $ 495.00 gateway registration
     $ 250.00 4     1,000.00 monthly gateway fee
     $      0.12 133          15.96 per ticket Gateway
     $   50.00 4        200.00 monthly support
     $   25.00 4        100.00 monthly merchant fee
     $      0.15 133          19.95 merchant cc trans fee 
    2.20% on gross     1,613.61 merchant disc fee
     $ 2,949.52 Est. Total CyberSource
    Ticket Break down 2019 MOTM
    184 tickets 
    -6 board
    -3 vip
    -7 extra thanks
    -35 affiliates included in sponsorship
    133 Net


    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 9.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 17:30
    I'm no expert at this either. That being said, are we able to go through an affiliate, like APS? Do they and others have a comparable service offering?

    ------------------------------
    Karen O'Lane
    Accounting Systems, Inc. (ASI)
    Fresno CA
    803.252.6154 x242
    559.577.4142
    90Minds Board Member at Large
    ------------------------------



  • 10.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 17:49
    Edited by Moira Goggin 10-11-2019 17:50
    Higher Logic Event Module integrates with only 3 cc processors - Stripe, PayPal, and Cybersource.  I'd like to work with an Affiliate too, not an option at this time.

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 11.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 17:54
    Oh, THAT'S what you meant when you said "HigherLogic has three payment processing options, Stripe, PayPal and CyberSource". Sometimes, I don't see the forest for the trees. 

    ------------------------------
    Karen O'Lane
    Accounting Systems, Inc. (ASI)
    Fresno CA
    803.252.6154 x242
    559.577.4142
    90Minds Board Member at Large
    ------------------------------



  • 12.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 18:08
    Stripe has a higher % and per item fee than Cybersource, but doesn't have all the other fees that Cybersource has. Does Stripe pencil out to a significantly lower total?

    ------------------------------
    Karen O'Lane
    Accounting Systems, Inc. (ASI)
    Fresno CA
    803.252.6154 x242
    559.577.4142
    90Minds Board Member at Large
    ------------------------------



  • 13.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 18:57
    Rough estimates, I don't have a firm quote from Stripe, they'd be less expensive.  CyberSource is a per event charge.  So if we used them for a class (i.e., Academy) we'd be charged the $495 and $250 each time, assuming I read that correctly. 

    Stripe is 2.9% per charge plus $.30.  Roughly, $2,166.93 vs. $2,949.52.  I'm still confirming we don't have a separate charge on Stripe for Gateway. 

    Stripe disc rate 2.9% and 30 cents per transaction
    2.90%   73,346.00  $ 2,127.03
    0.3 133  $       39.90
    Total  $ 2,166.93


    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 14.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 19:05
    My math matches Moira's. Seems like the way to go.

    ------------------------------
    Robert Wood
    DDF Consulting Group, Inc.
    Ocala FL
    352-615-5898
    ------------------------------



  • 15.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-11-2019 19:33
    I thought it looked like a significant difference. I don't see a reason to go with the higher priced option.

    ------------------------------
    Karen O'Lane
    Accounting Systems, Inc. (ASI)
    Fresno CA
    803.252.6154 x242
    559.577.4142
    90Minds Board Member at Large
    ------------------------------



  • 16.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-13-2019 15:11
    Confirmed, no separate charge for the Stripe for a gateway


    Yes, Stripe it self is payment gateway. We are payment processor.

    Hope this proves helpful and answers your question, but do let me know if you have any additional questions or concerns.Please don't hesitate to reach out on this email. I am here for you, and always eager to explain anything more.

    Warm regards,
    Jean

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 17.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-14-2019 15:37

    Moira,

     

    I missed all this thread on Friday..  Sounds like we are well on the path.  So my suggestion may be too late  but does it make sense to bounce our solution off Miah, I don't; think they can help us specifically but it would be a good get his opinion on our solution.   He does know this stuff..  If you don't think it will benefit us  then disregard..

     

     

    Jim

     

     



    ------Original Message------

    Confirmed, no separate charge for the Stripe for a gateway


    Yes, Stripe it self is payment gateway. We are payment processor.

    Hope this proves helpful and answers your question, but do let me know if you have any additional questions or concerns.Please don't hesitate to reach out on this email. I am here for you, and always eager to explain anything more.

    Warm regards,
    Jean

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------


  • 18.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-21-2019 12:46
    Please complete the Stripe application @Jim Woodhead as Treasurer.  I'm emailing you the Bank Account and Routing number for your convenience. 

    Here is the link https://dashboard.stripe.com/register
    ​​

    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 19.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-22-2019 10:26
    Here's email I just received with some links @Jim Woodhead

    Hi Moira,

    Thanks for reaching out to us. My name's ShurL and I work on the Growth Team here at Stripe. It's great to see that you're interested in using Stripe to process payments for your business. I'm happy to explain a bit about Stripe and review options regarding our services and products with you!

    If you wish to sign up, there's no risk and it's totally free. Signing up gives you access to a test Dashboard that'll let you play with most aspects of Stripe. Getting started is easy:

    1. Register: https://dashboard.stripe.com/register

    After you have registered, next step is to submit your account application. Please take note that submitting the account application is activating your account:

    https://dashboard.stripe.com/account/details

    I'd like to highlight the fact that you can easily integrate Stripe to your website even without the third party for you to be able to accept payments. I'd like to outline the way for you to add Stripe in your website here:
    • If you have a developer on your team, our documentation is a
    great place to start: https://stripe.com/docs/

    Processing payments with Stripe has two parts:
    1. Securely collecting payment details from your customer
    2. Using the collected payment method in a charge request

    The most common way of securely collecting payment info from customer is through Checkout and Stripe securely collects your customer's payment information and returns a representative token. This ensures that no sensitive card data ever needs to touch your server, so your integration can operate in a PCI-compliant way. This leads me to the fact that the reason you're not seeing any credit card number parameter from our docs is because Stripe use a process called tokenization wherein a token represents a customer credit card number and more when creating charges.

    I strongly recommend for you to go through this docs to help you better understand how Stripe collects and process payments for you:

    https://stripe.com/docs/quickstart

    You can see some tutorials and learn more about what's involved at the following link:

    https://stripe.com/docs/tutorials/forms

    We also offer a pre-made form for easy use which you can see here:

    https://stripe.com/docs/checkout

    I hope the above information helps, should there be further questions for us down the line please feel free to reach back and I'm always happy to help and just an email away.


    All the best,
    ShurL




    ------------------------------
    Moira Goggin
    Executive Director
    90 Minds, Inc.
    ------------------------------



  • 20.  RE: PLEASE REVIEW - Cybersource CC Processing for Events

    Posted 10-22-2019 11:08
    I have submitted the Application to Stripe and have added Moira Goggin as the administrator.

    Jim

    ------------------------------
    Jim Woodhead
    DSD Business Systems
    619-990-3946
    ------------------------------