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 go up, way up depending on who you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop right now. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will certainly 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 inside the mail by now. In the last paragraph on finally 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. Furthermore, it states that seeking continue to process with the company May 1st you have 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 Casino Merchant Accounts & Credit Card Processing Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners or those given the task of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that businesspeople quit opening items. 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) clogs under 9 years. Among the things I’ve learned is there are a lot of games being played at your expense.
It is extremely to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look over.