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 businessman pay may go up, way up depending on whom you do business by way of.
One Merchant Services processor announced these were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop a lot of. 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 to date has been many.45%. So if you were paying 2% you will now 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 make your Statements out!! You should have received these previously mail by at present. 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 minute rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that merchandise in your articles continue to process with the company May 1st possess to 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of Online Casino & Gaming High Risk Merchant Accounts marketers or those in control 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 business owners quit opening themselves. 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 been in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there are many of games being played at your expense.
It is very important to process your cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you know what to look over.