During the time when your business has been down due to the slow economy and your costs are rising for accepting credit card? Yes, your rates and fees you the company owner pay may be going up, way up depending on the person you do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! That’s a huge increase. Though it doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen to date has been even.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 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 are sometimes % 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 possess to agreed to their rate increase.
It may be 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 gambling payment 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 more! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening themselves. 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I’ve learned is there degree of complexity of games being played at your expense.
It is extremely to process your cards as efficiently as possible to reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look for.