During the time when your business has been down due to the slow economy and your costs are rising for accepting credit cards? Yes, your rates and fees you the company owner pay may go up, way up depending on who you do business with the.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. Definitely doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You should have received these inside the mail by now. 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 rates are going up and/or a transaction fee ($.xx) increase. It also states that you continue to process with the company May 1st you’ve agreed to their rate increase.
It may the perfect 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 in the number of employers or those given the task of the books for companies, who don’t even bother opening their statements any more! 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 small business owners quit opening themselves. 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 held it’s place in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. Among the things I’ve learned is there are a lot of games being played at your expense.
It is crucial to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look for.