During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the businessman pay may go up, way up depending on whom you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! What a huge increase. Definitely doesn’t stop several. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen much has been can.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in mind 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 your past mail by this point. In the last paragraph on since 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. In addition, it states that if you continue to process with the company May 1st you 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those in charge 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 both of them. This gives these companies a real easy way to raise rates and gambling payment gateway 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) clogs under 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is extremely 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 to have.