During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may go up, way up depending on the person you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! That’s a huge increase. Definitely doesn’t stop several. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen to date has been even.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 Best Online Gambling Merchant Accounts Services Processing companies!
Time to obtain a Statements out!! You ought to have received these in the mail by now. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that seeking continue to process with the company May 1st an individual 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 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 any further! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that salespeople quit opening these. 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 business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there have a of games being played at your expense.
It is extremely to process credit rating cards as efficiently as possible so reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look to obtain.