During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business with.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. But it surely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates to. The largest increase I’ve seen much has been .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 ought to have received these your past 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. In addition, it states that you continue to process with the company May 1st possess to 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 plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those given the task of 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 salespeople quit opening themselves. This gives these companies a real easy way to make rates Casino and Online Gaming Merchant Account fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look to have.