During the time when your business has been down due to the slow economy also as 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 whom you do business due to.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have raised their rates too. The largest increase I’ve seen significantly has been a.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You should have received these in the mail by at present. In the last paragraph on finally 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 you’ve 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in charge of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing Casino and Online Gaming Merchant Account hard to read, that small business owners quit opening both of them. This gives these companies a real easy way to boost rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process your cards as efficiently as possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look to have.