During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on individual preference do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! Consume huge increase. But it surely doesn’t stop there. I’ve seen several other companies get on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the gambling merchant account Services Processing companies!
Time to make your Statements out!! You should have received these previously mail by now. In the last paragraph on then everything else 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 in the event you 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those given the task of the books for companies, who don’t even bother opening their statements once 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 both of them. 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 visited the payments processing industry as business relationship 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 crucial to process credit score cards as efficiently as possible so reduce the fees you pay. A lot of the fees as opposed to can be avoided if you know what to look with.