During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may be going up, way up depending on individual preference do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. Though it doesn’t stop several. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will certainly 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 a Statements out!! You ought to have received these inside the mail by now. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. Furthermore, it states that in the event you continue to process with the company May 1st you’ve 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. You wil discover numbers of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those given the task of the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that business owners 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 business relationship executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the things I’ve learned is there are many of games being played at your expense.
It is very important to process credit rating 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 to obtain.