During the time when your business has been down due to the slow economy plus costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on whom you do business due to.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. But it doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in your 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 inside the 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 % the rates are 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 an individual agreed to their rate increase.
It may appropriate time to shop around for a different Best Merchant Accounts for Online Gambling Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those in charge of the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that salespeople quit opening items. 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 held it’s place in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) every one of the 9 years. Among the things I’ve learned is there have a of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look over.