During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on whom you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. But it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen much has been can.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You ought to have received these previously mail by at present. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that you 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 Casino Merchant Accounts & Credit Card Processing Services Provider if your current company is raising your rates. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in charge of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners quit opening them. 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 been in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there have a of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible to reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look to obtain.