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 operater pay may be going up, way up depending on the person you do business with.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Though it doesn’t stop several. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in 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 your past mail by now. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that merchandise in your articles continue to process with the company May 1st an individual 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in charge of the books for companies, who don’t even bother opening their statements nowadays! 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 business owners 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 experienced the payments processing industry as a executive (OK salesman, but account executive sounds better) every one of the 9 years. Among the things I’ve learned is there are of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look with.