During the time when your business has been down due to the slow economy plus costs are rising for accepting a card? Yes, your rates and fees you the small business owner pay may be going up, way up depending on whom you do business while using.
One Best Online Casino Merchant Account Services processor announced had been raising their rates by .27%!! What 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 very. The largest increase I’ve seen significantly has been even.45%. So if you were paying 2% you will definitely 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 in the mail by here. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that you continue to process with the company May 1st you might have agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are plenty 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 charge of the books for companies, who don’t even bother opening their statements any further! 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 these. 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 been in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is extremely to process your own cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look with.