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 small business owner pay may be going up, way up depending on the company you do business while using.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. Though it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will definitely 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 your Statements out!! You ought to have received these inside the mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that in the event you continue to process with the company May 1st you’ve agreed to their rate increase.
It may be time to shop around for a different Best Online Gambling Merchant Accounts 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 given the task of the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority 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 rise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there are many 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 have.