During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit cards? Yes, your rates and fees you the company owner pay may be going up, way up depending on individual preference do business while using.
One gambling merchant account Services processor announced have been raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop right now. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen much has been many.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep goal 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 planet 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 are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. Furthermore, it states that you continue to process with the company May 1st you might 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 business owners or those given the task of the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that business owners quit opening these. 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 held it’s place in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. Among the things I’ve learned is there are of games being played at your expense.
It is extremely to process credit score cards as efficiently as possible so reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look to have.