During the time when your business has been down due to the slow economy in addition to costs are rising for accepting a card? Yes, your rates and fees you the businessman pay may be going up, way up depending on whom you do business with.
One gambling merchant account Services processor announced have been raising their rates by .27%!! Of your huge increase. But it doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen much has been a.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these inside 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 are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that merchandise in your articles continue to process with the company May 1st an individual 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 plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those in control of 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 business quit opening both of them. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there are of games being played at your expense.
It is very important to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look with.