During the time when your business has been down due to the slow economy in addition to costs are rising for accepting a card? Yes, your rates and fees you the businessman pay may go up, way up depending on individual preference do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! What a huge increase. Though it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen to date has been can.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 buy Statements out!! You ought to have received these planet mail by here. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that if you continue to process with the company May 1st you have 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. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of Best Online Gambling Merchant Accounts marketers or those in control the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that salespeople quit opening these. 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 held it’s place in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many things I’ve learned is there are of games being played at your expense.
It is crucial to process your credit cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees as opposed to can be avoided if you know what to look for.