During the time when your business has been down due to the slow economy plus costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may go up, way up depending on the company you do business due to.
One Best Merchant Accounts for Online Gambling Services processor announced we were raising their rates by .27%!! What a huge increase. But it surely doesn’t stop there. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen significantly 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 a Statements out!! You should have received these planet mail by next. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that you continue to process with the company May 1st an individual 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those given the task of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that salespeople quit opening both of them. 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 executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look over.