During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on individual preference do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! What a huge increase. But it doesn’t stop a lot of. I’ve seen several other companies join the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You should have received these your past mail by at present. 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. Additionally, it states that merchandise in your articles continue to process with the company May 1st you’ve 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 in the number of Online Casino & Gaming High Risk Merchant Accounts marketers or those answerable for the books for companies, who don’t even bother opening their statements any more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners quit opening items. 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 held it’s place in 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 of games being played at your expense.
It is crucial to process your cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look to obtain.