During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates quite. 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 mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You ought to have received these your past mail by at present. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that you 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. Several of gambling merchant account Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those given the task of 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 salespeople quit opening items. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there are of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look to have.