During the time when your business has been down due to the slow economy plus costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may go up, way up depending on whom you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will now 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 obtain a Statements out!! You ought to have received these in the mail by now. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It % the rates are 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 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 various of Best Online Casino Merchant Account Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those answerable for the books for companies, who don’t even bother opening their statements once more! 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 them. This gives these companies a real easy way to make 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 an account executive (OK salesman, but account executive sounds better) for well over 9 years. One of many things I’ve learned is there have a of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look with.