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 company owner pay may be going up, way up depending on who you do business due to.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. But it doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have raised their rates very. 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 the 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 inside the mail by this point. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It % the 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 be time to shop around for a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in 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 small business owners quit opening them. This gives these companies a real easy way to make rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a free account executive (OK salesman, but account executive sounds better) every one of the 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 merely reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know What payment gateway supports gambling websites to look for.