I have some unique needs for my store that I’m hoping Magento can handle. I sell precious metals (gold/silver bullion) and so most of the time my orders are in the tens of thousands of dollars, but since my margins are so slim I can’t take credit cards as a form of payment.
I would like to get cc info from each customer and keep on file for 2 reasons though:
1. To verify user identity and ensure that I’m on side with all FINTRAC regulations, and
2. To be able to charge a cancellation fee in the even that a customer doesn’t pay for their order and I must liquidate it at a loss
First time customers should have to provide a credit card before being able to submit an order. Credit cards should not appear as a payment option however when they go through the checkout.
I’m new to Magento so I was wondering if anyone can suggest a payment processor and how to go about setting up Magento for this. I see that it supports Authorize.net, would that be the best way to go?