During the time when your business has been down due to the slow economy and your costs are rising for accepting credit card? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business with.
One Merchant Services processor announced these were raising their rates by .27%!! That’s a huge increase. Though it doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen much has been many.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 obtain a Statements out!! You should have received these previously mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that if you continue to process with the company May 1st you might have 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 at the number of online marketers or those given the task of 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, gambling payment gateway that business owners quit opening these. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there are many of games being played at your expense.
It is crucial to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you know what to look to have.