During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may be going up, way up depending on the company you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will now 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 ought to have received these planet mail by next. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that in the event you continue to process with the company May 1st possess to 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. Several of gambling merchant account Services Providers out there that are not increasing their processing rates.
I’m frightened in 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 business owners quit opening themselves. This gives these companies a real easy way to boost rates and fees since all the alerts and communications are on the statements.
I have held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there degree of complexity 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 provided for can be avoided if you exactly what to look for.