During the time when your business has been down due to the slow economy and your costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may go up, way up depending on the person you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. But it doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen much has been many.45%. So if you were paying 2% you will be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You ought to have received these previously mail by here. In the last paragraph on final 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. In addition, it states that merchandise in your articles continue to process with the company May 1st possess to 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those in control of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the gambling payment processors have made their statements so confusing and hard to read, that small business owners quit opening them. 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 visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I’ve learned is there have a of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look over.