During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on the company you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Definitely doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in the mind 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 in the mail by next. In the last paragraph on since 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. Additionally, it states that you 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 Merchant Services Provider if your current company is raising your rates. Several of gambling merchant account Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in control of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that salespeople quit opening them. 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 a executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the things I’ve learned is there have a of games being played at your expense.
It is crucial to process credit score cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees provided for can be avoided if you exactly what to look to obtain.