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 business owner pay may be going up, way up depending on who you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will now be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You should have received these your past mail by next. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking continue to process with the company May 1st possess to agreed to their rate increase.
It may appropriate 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 at the number of business men or those in control of the books for companies, who don’t even bother opening their statements any further! 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 increase rates Online Gaming, Casino and eSports Merchant Accounts 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) for over 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process your own cards as efficiently as possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look with.