During the time when your business has been down due to the slow economy including your costs are rising for accepting plastic money cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on the company you do business with the.
One Merchant Services processor announced we were raising their rates by .27%!! Of your huge increase. Though it doesn’t stop their. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep inside your 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 previously mail by next. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rates are going up and/or a transaction fee ($.xx) increase. It also states that if you continue to process with the company May 1st you’ve 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those answerable for the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. This gives these companies a real easy way to increase rates Casino and Online Gaming Merchant Account fees since all the alerts and communications are on the statements.
I have held it’s place in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is very important to process credit score cards as efficiently as possible to reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look for.