During the time when your business has been down due to the slow economy including your costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the company you do business with.
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 can get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen significantly has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these your past mail by this point. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rates are going up and/or a transaction fee ($.xx) increase. It also states that in the event you continue to process with the company May 1st an individual agreed to their rate increase.
It may proper to shop around for a different gambling merchant account Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those in control of the books for companies, who don’t even bother opening their statements any more! 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 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 been in the payments processing industry as an account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I’ve learned is there are of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look to obtain.