During the time when your business has been down due to the slow economy plus costs are rising for accepting credit card? Yes, your rates and fees you the businessman pay may go up, way up depending on the company you do business by way of.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop a lot of. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will 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 buy Statements out!! You ought to have received these your past mail by at present. In the last paragraph on the last 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. Furthermore, it states that in the event you continue to process with the company May 1st possess to agreed to their rate increase.
It may the perfect to shop around for a different gambling merchant account 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 at the number of business owners or those in charge of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business quit opening these. This gives these companies a real easy way to boost rates and 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. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your own cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look over.