During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on individual preference do business with.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop their. I’ve seen several other companies join the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen so far has been even.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 ought to have received these previously mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that in the event you continue to process with the company May 1st an individual agreed to their rate increase.
It may proper 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 in the number of Online Casino & Gaming High Risk Merchant Accounts marketers or those in control of the books for companies, who don’t even bother opening their statements any further! 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 themselves. 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 visited the payments processing industry as a executive (OK salesman, but account executive sounds better) for over 9 years. Amongst the things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look with.