During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the company you do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! Consume huge increase. Though it doesn’t stop a lot of. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen much has been can.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these inside the 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 are sometimes % the rate is going up and/or a transaction fee ($.xx) increase. It also states that seeking 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. There are various of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business quit opening both of them. This gives these companies a real easy way to boost 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 many things I’ve learned is there have a of games being played at your expense.
It is necessary to process your cards as efficiently as possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look over.