During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on who you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have raised their rates too. The largest increase I’ve seen to date has been can.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 gambling merchant account Services Processing companies!
Time to make your Statements out!! You ought to have received these planet mail by now. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that you continue to process with the company May 1st possess to agreed to their rate increase.
It may ideal to shop around for a different Merchant Services Provider if your current company is raising your rates. Several 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 control the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that salespeople quit opening themselves. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as an account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the things I’ve learned is there are many of games being played at your expense.
It is very important to process your own cards as efficiently as possible so reduce the fees you pay. A lot of the fees not only do you can be avoided if you know what to look to have.