During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the businessman pay may go up, way up depending on whom you do business by way of.
One Gaming Merchant Account Services processor announced had been raising their rates by .27%!! What a huge increase. Though it doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen much has been can.45%. So if you were paying 2% you will certainly 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 obtain your Statements out!! You should have received these inside the mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are 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 you’ve agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses 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 control the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that small business owners quit opening 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 a executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there have a of games being played at your expense.
It is valuable to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look over.