During the time when your business has been down due to the slow economy also as your costs are rising for accepting a card? Yes, your rates and fees you the businessman pay may go up, way up depending on who you do business with the.
One Merchant Services processor announced have been raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen much has been .45%. So if you were paying 2% you will easily be 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 obtain a Statements out!! You should have received these your past mail by next. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rates are going up Online Gaming, Casino and eSports Merchant Accounts/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st possess to 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 at the number of business owners 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 quite a few of the processors have made their statements so confusing and hard to read, that businesspeople quit opening them. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there have a of games being played at your expense.
It is necessary 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 know what to look over.