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 company owner pay may go up, way up depending on individual preference do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. Definitely doesn’t stop right now. I’ve seen several other companies get on the bandwagon Casino and Online Gaming Merchant Account announce they have risen their rates to. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep goal 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 inside the mail by next. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that merchandise in your articles continue to process with the company May 1st an individual agreed to their rate increase.
It may appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers 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 any more! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that salespeople quit opening them. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible so reduce the fees you pay. A lot of the fees not only do you can be avoided if you know what to look over.