During the time when your business has been down due to the slow economy in addition to costs are rising for accepting plastic money cards? Yes, your rates and fees you the operater pay may go up, way up depending on who you do business with.
One Merchant Services processor announced they were raising their rates by .27%!! Consume huge increase. Though it doesn’t stop their. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in 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 here. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that you continue to process with the company May 1st possess to 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 masses of Best Online Gambling Merchant Accounts Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of employers or those answerable for the books for companies, who don’t even bother opening their statements anymore! 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 themselves. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for well over 9 years. One of the things I’ve learned is there have a of games being played at your expense.
It is very important to process your own cards as efficiently as possible so reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look to have.