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 business owner pay may go up, way up depending on who you do business with.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep goal 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 your past mail by at present. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the minute 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 you have 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 plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners quit opening both of them. This gives these companies a real easy way to raise rates Online Gaming, Casino and eSports Merchant Accounts fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) every one of the 9 years. Amongst the things I’ve learned is there are of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look over.