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 business owner pay may go up, way up depending on who you do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. Even so it doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have risen their rates very. The largest increase I’ve seen much has been .45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Casino Merchant Accounts & Credit Card Processing Services Processing companies!
Time to get your Statements out!! You ought to have received these in the mail by here. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the minute 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 you might have 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 various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that salespeople quit opening both of them. 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 experienced 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 of games being played at your expense.
It is extremely to process your cards as efficiently as possible so reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look with.