During the time when your business has been down due to the slow economy and your costs are rising for accepting credit cards? Yes, your rates and fees you the company owner pay may go up, way up depending on the company you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! That’s a huge increase. But it surely 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 much has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You should have received these your past mail by now. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rates are 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 possess to 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those answerable for the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of the gambling payment processors have made their statements so confusing and hard to read, that salespeople quit opening both of them. This gives these companies a real easy way to raise 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 executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the things I’ve learned is there are of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look over.