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 business owner pay may be going up, way up depending on the company you do business with the.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. But it doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep inside 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 at present. 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 Casino and Online Gaming Merchant Account/or a transaction fee ($.xx) increase. What’s more, it states that you continue to process with the company May 1st you’ve 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 at the number of business owners or those answerable for 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 business owners 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 experienced the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for over 9 years. Amongst the things I’ve learned is there are of games being played at your expense.
It is valuable to process your own 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 to have.