During the time when your business has been down due to the slow economy including your costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on whom you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop several. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates very. 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 goal 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 in the mail by this point. 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. Additionally, it states that if you continue to process with the company May 1st you have agreed to their rate increase.
It may appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in control of the books for gambling payment gateway companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that salespeople quit opening both of 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 a executive (OK salesman, but account executive sounds better) for upwards of 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 credit cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look to obtain.