During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on who you do business with the.
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 get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will definitely 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 previously mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that seeking continue to process with the company May 1st you have agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers of Online Casino & Gaming High Risk Merchant Accounts Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those in control of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening items. This gives these companies a real easy way to make rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is extremely to process credit rating cards as efficiently as possible to reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look for.