During the time when your business has been down due to the slow economy also as 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 the person you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! That’s a huge increase. Though it doesn’t stop several. I’ve seen several other companies jump on the bandwagon and announce they have risen 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 Merchant Services Processing companies!
Time to obtain a Statements out!! You ought to have received these your past mail by next. In the last paragraph on the last 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. It also states that in the event you continue to process with the company May 1st you might have 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 plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in charge of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that businesspeople quit opening these. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as an account executive (OK salesman, gambling payment gateway but account executive sounds better) clogs under 9 years. Among the things I’ve learned is there are a lot of games being played at your expense.
It is very important 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 exactly what to look with.