During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may be going up, way up depending on individual preference do business with.
One Merchant Services processor announced these were raising their rates by .27%!! Consume huge increase. But it surely doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen to date has been many.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 obtain your Statements out!! You should have received these previously mail by this point. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that seeking continue to process with the company May 1st possess to 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 Providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners 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 the majority of the gambling payment processors have made their statements so confusing and hard to read, that business owners quit opening themselves. This gives these companies a real easy way to rise 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 an account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there are many of games being played at your expense.
It is valuable to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you know what to look for.