During the time when your business has been down due to the slow economy including your costs are rising for accepting credit card? Yes, your rates and fees you the businessman pay may be going up, way up depending on who you do business with the.
One Merchant Services processor announced we were raising their rates by .27%!! That’s 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 additionally. The largest increase I’ve seen to date has been even.45%. So if you were paying 2% you will definitely 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 make your Statements out!! You should have received these previously mail by at present. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may appropriate time to shop around for a different Casino Merchant Accounts & Credit Card Processing 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 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 a lot of the processors have made their statements so confusing and hard to read, that salespeople quit opening both of them. 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 been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is valuable to process credit score cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look to obtain.