During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on individual preference do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. Though it doesn’t stop right now. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen much has been a.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 ought to have received these previously mail by at present. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that in the event you continue to process with the company May 1st possess to agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those in charge of the books for companies, who don’t even bother opening their statements any more! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. 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 experienced the payments processing industry as an account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is crucial to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look to have.