During the time when your business has been down due to the slow economy including your costs are rising for accepting plastic money cards? Yes, your rates and fees you the business owner pay may go up, way up depending on the company 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 several. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates additionally. 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 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 your past mail by now. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rate is 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 might have agreed to their rate increase.
It may ideal 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 Best Online Gambling Merchant Accounts marketers or those given the task of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. This gives these companies a real easy way to boost 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 a executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is crucial to process your cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look to obtain.