During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on whom you do business due to.
One Best Merchant Accounts for Online Gambling Services processor announced they were raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have raised their rates very. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will certainly 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 make your Statements out!! You ought to have received these your past mail by here. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It can be % the rate is 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 be time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners or those in control of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that small business owners quit opening items. 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 held it’s place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst 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 itrrrs possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look over.