During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may go up, way up depending on the person you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. But it doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will easily 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 your Statements out!! You should have received these inside the mail by this point. In the last paragraph on final 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. It also states that seeking 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 at the number of online marketers 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 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 rise rates Casino and Online Gaming Merchant Account 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) every one of the 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 to reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look with.