During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business due to.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. But it surely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You ought to have received these planet mail by at present. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of employers or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of of the processors have made their statements so confusing Casino and Online Gaming Merchant Account hard to read, that salespeople quit opening items. 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 held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there are of games being played at your expense.
It is valuable to process credit score cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look to obtain.