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Yes they are having you apply for an independant merchant account, from what I understand they are no longer a IPSP (you can double check on that but I think thats the case).
The fees for applying for a high risk merc acct vary from bank to bank especially US based vs. Offshore.
Merchant accounts are not for everyone but they can be very beneficial to some. Here are a few things to consider when deciding if you should apply: (just remember numbers vary per bank):
*rates are APPROX 4.95% (US)+ and are determined on a case by case situation - offshore approx 6.9%+
*they want a nice transaction volume monthly (anywhere from 25k up) , the more volume the better you look to them.
*they'll want a few months of statements to back volume and chargeback numbers.
*of course they want to see low charge back ratios.
Any good processor will evaluate the information given on the forms before sending your application through to the merchant bank, this can save you any application fees that might apply (depending on the banks they use) if they think you wouldn't make the cut.
The good part is, if you qualify for your own merchant account you have much more control over charge back disputes etc, not to mention higher profit margins ... hmmm well I guess that last part would depend on the processor you work with, I'm not sure IBill plans to reduce their rates.
I hope that helps clear things up
WildChyld - yes I think they should refund if you JUST paid that fee and if you plan to pull your business from them.
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