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 company owner pay may go up, way up depending on who you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop there. I’ve seen several other companies get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen much has been a.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You ought to have received these previously mail by now. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It can be % 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 possess to 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online gaming merchant account 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 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 held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for well over 9 years. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look with.