During the time when your business has been down due to the slow economy in addition to costs are rising for accepting plastic money cards? Yes, your rates and fees you the operater pay may go up, way up depending on the person you do business with.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. Though it doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these inside the mail by now. In the last paragraph on since 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. In addition, it states that if you continue to process with the company May 1st you have 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 Best Online Casino Merchant Account Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those answerable for 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 businesspeople quit opening both of them. This gives these companies a real easy way to raise 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 of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look with.