During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on who you do business with.
One Casino Merchant Accounts & Credit Card Processing Services processor announced they were raising their rates by .27%!! What a huge increase. Though it doesn’t stop there. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will easily 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 obtain a Statements out!! You ought to have received these previously mail by here. 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 you continue to process with the company May 1st you 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those answerable for 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 them. 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 held it’s place in the payments processing industry as a executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I’ve learned is there are of games being played at your expense.
It is extremely to process your own cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look to obtain.