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 small business owner pay may be going up, way up depending on individual preference do business with.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have raised their rates to. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will be paying 2.45%.
Please keep goal 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 at present. In the last paragraph on final 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. What’s more, it states that merchandise in your articles continue to process with the company May 1st possess to agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. Several of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in 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 quite a few of the processors have made their statements so confusing and hard to read, that salespeople quit opening them. This gives these companies a real easy way to boost 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) for over 9 years. One of many things I’ve learned is there are of games being played at your expense.
It is extremely to process your cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look with.