During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may go up, way up depending on who you do business by way of.
One Merchant Services processor announced these were raising their rates by .27%!! What a huge increase. Definitely doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen to date has been can.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 obtain a Statements out!! You ought to have received these your past mail by next. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that seeking continue to process with the company May 1st you might have agreed to their rate increase.
It may be time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those answerable for the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that business quit opening them. This gives these companies a real easy way to raise rates Online Gaming, Casino and eSports Merchant Accounts 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) for well over 9 years. One of many things I’ve learned is there degree of complexity of games being played at your expense.
It is extremely to process credit rating cards as efficiently as possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look to obtain.