During the time when your business has been down due to the slow economy including your costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may go up, way up depending on whom you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have raised their rates very. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will now 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 your Statements out!! You should have received these your past mail by now. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that seeking continue to process with the company May 1st an individual 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online gaming merchant account marketers or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that businesspeople quit opening them. This gives these companies a real easy way to boost 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 a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. Among 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 so you can reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look with.