During the time when your business has been down due to the slow economy plus costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may be going up, way up depending on individual preference do business by way of.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. Though it doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen significantly has been can.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You ought to have received these in the mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. It also states that in the event you continue to process with the company May 1st you’ve agreed to their rate increase.
It may ideal to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those answerable for the books for companies, who don’t even bother opening their statements anymore! This industry is very broken Casino and Online Gaming Merchant Account the majority of of the processors have made their statements so confusing and hard to read, that salespeople quit opening items. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is very important to process credit rating cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees as opposed to can be avoided if you know what to look to obtain.