During the time when your business has been down due to the slow economy and your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on the person you do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! Consume 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 too. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these in the mail by at present. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that seeking continue to process with the company May 1st you’ve 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 at the number of business men or those answerable for the books for companies, who don’t even bother opening their statements nowadays! 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 Online Gaming, Casino and eSports Merchant Accounts fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there have a of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you exactly what to look for.