During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on whom you do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen much has been many.45%. So if you were paying 2% you will definitely 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 obtain a Statements out!! You should have received these previously 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 can be % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that if you 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those in control of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and quite a few of the gambling payment processors have made their statements so confusing and hard to read, that business owners quit opening these. 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. One of the things I’ve learned is there have a of games being played at your expense.
It is crucial to process credit score cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you know what to look to obtain.