During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit 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 they were raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop their. I’ve seen several other companies get on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen so far has been many.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 obtain a Statements out!! You should have received these inside the mail by next. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st you have agreed to their rate increase.
It may appropriate time to shop around for a different Casino Merchant Accounts & Credit Card Processing Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those in charge of the books for companies, who don’t even bother opening their statements once more! 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 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 been in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is valuable to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees as opposed to can be avoided if you know what to look to obtain.