During the time when your business has been down due to the slow economy including your costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may go up, way up depending on individual preference do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Though it doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen significantly has been can.45%. So if you were paying 2% you will certainly 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 obtain a Statements out!! You should have received these inside the mail by at present. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that in the event you continue to process with the company May 1st you 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. You wil discover numbers of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those given the task of the books for companies, who don’t even bother opening their statements any further! 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 a executive (OK salesman, but account executive sounds better) for well over 9 years. Among the things I’ve learned is there are of games being played at your expense.
It is crucial to process credit rating cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look over.