During the time when your business has been down due to the slow economy including your costs are rising for accepting handmade cards? Yes, your rates and fees you the company owner pay may go up, way up depending on individual preference do business by way of.
One Merchant Services processor announced had been raising their rates by .27%!! That’s a huge increase. Though it doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen significantly has been can.45%. So if you were paying 2% you will easily be 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 get your Statements out!! You should have received these planet mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. Furthermore, it states that if you continue to process with the company May 1st an individual agreed to their rate increase.
It may ideal to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those in control 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 small business owners quit opening items. This gives these companies a real easy way to raise rates and fees since all the alerts Casino and Online Gaming Merchant Account communications are on the statements.
I have held it’s place in the payments processing industry as a executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there degree of complexity of games being played at your expense.
It is crucial to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look with.