During the time when your business has been down due to the slow economy including your costs are rising for accepting credit cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on the company you do business with.
One Best Online Gambling Merchant Accounts Services processor announced had been raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop a lot of. I’ve seen several other companies join the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these inside the mail by this point. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that if 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those answerable for the books for companies, who don’t even bother opening their statements once 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 these. 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 business relationship executive (OK salesman, but account executive sounds better) for over 9 years. One of the things I’ve learned is there are many of games being played at your expense.
It is very important to process credit rating cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look for.