During the time when your business has been down due to the slow economy including your costs are rising for accepting credit card? Yes, your rates and fees you the businessman pay may be going up, way up depending on whom you do business by way of.
One Casino Merchant Accounts & Credit Card Processing Services processor announced they were raising their rates by .27%!! What a huge increase. But it surely doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will 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 buy Statements out!! You ought to have received these planet mail by this point. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It % 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 have 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. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those given the task of the books for companies, who don’t even bother opening their statements nowadays! 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 items. 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 a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is crucial to process your cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look over.