During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the company you do business with.
One Merchant Services processor announced these were raising their rates by .27%!! What a huge increase. Though it doesn’t stop a lot of. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen much has been a.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 obtain your Statements out!! You ought to have received these previously mail by here. In the last paragraph on then everything else 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. Additionally, it states that merchandise in your articles continue to process with the company May 1st you have agreed to their rate increase.
It may be time to shop around for a different Casino Merchant Accounts & Credit Card Processing Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those in control 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 businesspeople quit opening themselves. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look over.