During the time when your business has been down due to the slow economy and your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on the company you do business while using.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Definitely doesn’t stop their. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will certainly 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 in the mail by at present. 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. In addition, it states that seeking continue to process with the company May 1st you’ve agreed to their rate increase.
It may proper 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 or those in control the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few of the gambling payment processors have made their statements so confusing and hard to read, that businesspeople quit opening themselves. This gives these companies a real easy way to make 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 a bank account executive (OK salesman, but account executive sounds better) for over 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look over.