During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit 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.
One gambling merchant account Services processor announced we 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 too. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You ought to have received these planet mail by this point. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rates are going up and/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st possess to agreed to their rate increase.
It may be 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 in 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 small business owners quit opening items. 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 held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look to obtain.