During the time when your business has been down due to the slow economy in addition to costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on the company you do business due to.
One Merchant Services processor announced these were raising their rates by .27%!! What a huge increase. Though it doesn’t stop there. I’ve seen several other companies get on the bandwagon and announce they have raised their rates quite. 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 your this is not Visa, or MasterCard raising their rates, it is the Gaming Merchant Account Services Processing companies!
Time to obtain a Statements out!! You should have received these your past mail by at present. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the 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 you might have 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those answerable for the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that salespeople quit opening 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Amongst the things I’ve learned is there have a of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look to have.