During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on the person you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop there. I’ve seen several other companies can get on the bandwagon and gambling payment gateway announce they have risen their rates very. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will 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 get your Statements out!! You should have received these in the mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking continue to process with the company May 1st possess to agreed to their rate increase.
It may ideal to shop around for a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those given the task of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of of the 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 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 are of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so reduce the fees you pay. A lot of the fees not only do you can be avoided if you know what to look to obtain.