During the time when your business has been down due to the slow economy including your costs are rising for accepting credit card? Yes, your rates and fees you the company owner pay may go up, way up depending on the person you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop a lot of. 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 .45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these in the mail by here. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. It also states that you continue to process with the company May 1st you’ve 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 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 quite a few of the processors have made their statements so confusing and hard to read, that businesspeople quit opening them. This gives these companies a real easy way to increase 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 bank account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there degree of complexity 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 would you can be avoided if you know what to look with.