During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the company owner pay may be going up, way up depending on the person you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. Definitely doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen significantly has been can.45%. So if you were paying 2% you will certainly 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 should have received these your past mail by next. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that if you continue to process with the company May 1st you’ve agreed to their rate increase.
It may appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of Online Casino & Gaming High Risk Merchant Accounts 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 and the majority of the processors have made their statements so confusing and hard to read, that business quit opening themselves. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is crucial to process your cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look to obtain.