During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the company owner pay may be going up, way up depending on whom you do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. Definitely doesn’t stop a lot of. 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 a.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 get your Statements out!! You ought to have received these inside the mail by next. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st you’ve 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of Online Gaming, Casino and eSports Merchant Accounts marketers or those answerable for the books for companies, who don’t even bother opening their statements any further! This industry is very broken and quite a few 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 make rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as an account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the things I’ve learned is there are many of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look for.