During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on whom you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! Of your 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 too. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will certainly 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 buy Statements out!! You ought to have received these in the 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 % the rates are 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 you might have 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of Online Gaming, Casino and eSports Merchant Accounts marketers 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 the majority of the processors have made their statements so confusing and hard to read, that businesspeople quit opening both of 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for well over 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible to reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look for.