During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may go up, way up depending on who you do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. Though it doesn’t stop their. I’ve seen several other companies join the bandwagon Casino and Online Gaming Merchant Account announce they have raised their rates additionally. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will definitely 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 make your Statements out!! You ought to have received these in 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 may well be a % the rates are going up and/or a transaction fee ($.xx) increase. It also states that seeking continue to process with the company May 1st you might have 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in control of the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of 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 raise 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) for over 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look for.