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 go up, way up depending on who you do business due to.
One Merchant Services processor announced had been raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop there. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You should have received these planet mail by at present. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that if you continue to process with the company May 1st an individual agreed to their rate increase.
It may appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those in charge of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners quit opening these. This gives these companies a real easy way to increase rates and fees since all the alerts Casino and Online Gaming Merchant Account communications are on the statements.
I have been in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) every one of the 9 years. Among the things I’ve learned is there have a of games being played at your expense.
It is extremely to process your cards as efficiently as possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look for.