During the time when your business has been down due to the slow economy also as your costs are rising for accepting plastic money cards? Yes, your rates and fees you the company owner pay may go up, way up depending on whom you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. But it doesn’t stop several. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these your past mail by here. 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. It also states that if you continue to process with the company May 1st you’ve 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of Online Casino & Gaming High Risk Merchant Accounts marketers or those in charge of the books for companies, who don’t even bother opening their statements nowadays! 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 them. 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 visited the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look over.