During the time when your business has been down due to the slow economy and your costs are rising for accepting credit cards? Yes, your rates and fees you the business owner pay may go up, way up depending on individual preference do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. But it doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen to date has been even.45%. So if you were paying 2% you will 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 buy Statements out!! You should have received these in the mail by at present. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. It also states that if you continue to process with the company May 1st you’ve 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few of the gambling payment 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 increase rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there are many of games being played at your expense.
It is valuable to process your cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look over.