During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on who you do business with.
One Merchant Services processor announced had been raising their rates by .27%!! That’s a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You ought to have received these previously mail by now. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that seeking 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 Best Online Casino Merchant Account Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those given the task of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that small business owners 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 bank account executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there have a of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look with.