During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may go up, way up depending on individual preference do business with.
One Merchant Services processor announced we were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop a lot of. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen much has been .45%. So if you were paying 2% you will now 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 get your Statements out!! You should have received these your past mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the minute rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that in the event you continue to process with the company May 1st an individual agreed to their rate increase.
It may the perfect to shop around for a different Casino Merchant Accounts & Credit Card Processing 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 in the number of business or those in control the books for companies, who don’t even bother opening their statements any more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners quit opening themselves. 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 free account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look for.