During the time when your business has been down due to the slow economy also as your costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may be going up, way up depending on the company you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. But it surely doesn’t stop several. 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 much has been .45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You ought to have received these in 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 % the rate is 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 you might have 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those given the task of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few 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 Online Gaming, Casino and eSports Merchant Accounts fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for 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 you can reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look with.