During the time when your business has been down due to the slow economy including your costs are rising for accepting credit card? Yes, your rates and fees you the businessman pay may be going up, way up depending on who you do business while using.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. But it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen significantly has been even.45%. So if you were paying 2% you will be paying 2.45%.
Please keep goal this is not Visa, or gambling payment gateway MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You ought to have received these planet mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the minute 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 the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in charge of the books for companies, who don’t even bother opening their statements any more! This industry is very broken and a lot 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 increase rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as an account executive (OK salesman, but account executive sounds better) for well over 9 years. Among the things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your own cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look with.