During the time when your business has been down due to the slow economy including your costs are rising for accepting plastic money cards? Yes, your rates and fees you the operater pay may go up, way up depending on who you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! That’s a huge increase. Definitely doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have raised their rates very. The largest increase I’ve seen much has been a.45%. So if you were paying 2% you will easily 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 buy Statements out!! You ought to have received these inside the mail by this point. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute 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 you’ve 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in control the books for gambling payment gateway companies, who don’t even bother opening their statements nowadays! 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 these. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a executive (OK salesman, but account executive sounds better) for over 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look over.