During the time when your business has been down due to the slow economy including your costs are rising for accepting a 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 Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. But it doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen much has been can.45%. So if you were paying 2% you will easily 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 should have received these your past mail by here. In the last paragraph on the last 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. In addition, it states that you continue to process with the company May 1st possess to agreed to their rate increase.
It may be time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of employers or those in control the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of the gambling payment processors have made their statements so confusing and hard to read, that business owners quit opening items. 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 well over 9 years. Among the things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look with.