During the time when your business has been down due to the slow economy including your costs are rising for accepting plastic money cards? Yes, your rates and fees you the business owner pay may go up, way up depending on the person you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will easily 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 should have received these inside the 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 are sometimes % the rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that seeking continue to process with the company May 1st an individual 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. Several of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that business owners quit opening both of 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 held it’s place in the payments processing industry as a executive (OK salesman, but account executive sounds better) every one of the 9 years. One of many things I’ve learned is there are a lot of games being played at your expense.
It is necessary 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 know what to look to have.