During the time when your business has been down due to the slow economy including your costs are rising for accepting handmade cards? Yes, your rates and fees you the company owner pay may be going up, way up depending on individual preference do business by way of.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. Though it doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these planet mail by now. In the last paragraph on finally 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. In addition, it states that seeking continue to process with the company May 1st an individual agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers of Best Online Gambling Merchant Accounts 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 anymore! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that business quit opening these. 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 experienced the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is necessary to process your own cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you know what to look with.