During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on who you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! That’s a 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 quite. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in mind this is not Visa, gambling payment gateway or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You ought to have received these planet mail by next. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It can be % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that if you continue to process with the company May 1st an individual agreed to their rate increase.
It may appropriate time 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 employers or those in control of the books for companies, who don’t even bother opening their statements anymore! 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 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 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 a lot of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look to obtain.