During the time when your business has been down due to the slow economy in addition to costs are rising for accepting handmade cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! Of your huge increase. Though it doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen much has been many.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in mind 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 inside the mail by here. In the last paragraph on since 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. It also states that you continue to process with the company May 1st possess to agreed to their rate increase.
It may ideal 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 Best Online Casino Merchant Account marketers or those given the task of 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 business owners quit opening items. This gives these companies a real easy way to boost rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I’ve learned is there are a lot of games being played at your expense.
It is crucial to process your cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look to have.