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 business owner pay may go up, way up depending on individual preference do business by way of.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. Definitely doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen significantly has been can.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep goal 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 in the mail by now. In the last paragraph on finally 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. Furthermore, it states that seeking 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 at the number of online marketers or those in charge of the books for companies, who don’t even bother opening their statements any more! This industry is very broken Casino and Online Gaming Merchant Account quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a free account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process credit score 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.