During the time when your business has been down due to the slow economy in addition to costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may be going up, way up depending on individual preference do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! Of your huge increase. But it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You should have received these planet mail by next. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that in the event you continue to process with the company May 1st you might have agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are plenty of Gaming Merchant Account Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners or those given the task 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 quit opening themselves. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. One of the things I’ve learned is there have a of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look for.