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 businessman pay may go up, way up depending on the person you do business due to.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will definitely 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 inside the mail by next. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up Casino and Online Gaming Merchant Account/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st you might 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 employers or those in control of 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 quit opening these. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for over 9 years. Among the things I’ve learned is there are of games being played at your expense.
It is valuable to process your own cards as efficiently as possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look to have.