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 company owner pay may go up, way up depending on the company you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! What a huge increase. But it surely doesn’t stop several. I’ve seen several other companies get on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen much has been can.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Gaming Merchant Account Services Processing companies!
Time to obtain your Statements out!! You ought to have received these planet mail by this point. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rate is going up and/or a transaction fee ($.xx) increase. In addition, 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 masses of Merchant 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 any more! This industry is very broken and the majority 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 raise rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as an account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look with.