During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit cards? Yes, your rates and fees you the business owner pay may go up, way up depending on the company you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. Though it doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will 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 buy Statements out!! You should have received these previously mail by here. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that merchandise in your articles continue to process with the company May 1st an individual agreed to their rate increase.
It may ideal 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 answerable for 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 them. This gives these companies a real easy way to boost rates Casino and Online Gaming Merchant Account fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as an 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 are many of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look over.