During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the operater pay may go up, way up depending on who you do business with.
One Merchant Services processor announced these were raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop several. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will definitely be 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 make your Statements out!! You should have received these in the mail by next. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking 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 gambling merchant account 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 business or those given the task of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I’ve learned is there are of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look to have.