During the time when your business has been down due to the slow economy including your costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may be going up, way up depending on who you do business due to.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. But it doesn’t stop several. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen significantly 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, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You ought to have received these inside the mail by now. In the last paragraph on the last 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. Additionally, it states that seeking continue to process with the company May 1st you might have 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 masses of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of business men 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 a lot of the processors have made their statements so confusing and hard to read, that small business owners quit opening items. 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 an account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look over.