During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates very. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Best Online Gambling Merchant Accounts Services Processing companies!
Time to get your Statements out!! You should have received these in the mail by this point. 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 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. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those in control of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that salespeople quit opening themselves. 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 experienced the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is very important to process your cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look with.