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 operater pay may be going up, way up depending on the company you do business due to.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop their. I’ve seen several other companies can get on the bandwagon Casino and Online Gaming Merchant Account announce they have raised their rates too. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will certainly 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 get your Statements out!! You should have received these in the mail by now. In the last paragraph on since 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 in the event you continue to process with the company May 1st possess to 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 business owners or those in charge of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that businesspeople quit opening both of them. This gives these companies a real easy way to boost 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) for upwards of 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look over.