During the time when your business has been down due to the slow economy in addition to costs are rising for accepting plastic money cards? Yes, your rates and fees you the operater pay may go up, way up depending on individual preference do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! That’s a huge increase. But it doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have raised their rates very. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will now be 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 obtain a Statements out!! You should have received these planet mail by at present. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that you continue to process with the company May 1st you have agreed to their rate increase.
It may be time to shop around for a different Merchant 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 business owners or those in control 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 small business owners quit opening both of them. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as an account 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 extremely to process your credit cards as efficiently as possible to reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know What payment gateway supports gambling websites to look to obtain.