During the time when your business has been down due to the slow economy in addition to costs are rising for accepting plastic money cards? Yes, your rates and fees you the company owner pay may be going up, way up depending on individual preference do business with.
One Merchant Services processor announced we were raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop their. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will definitely 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 your Statements out!! You ought to have received these your past mail by next. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that in the event you continue to process with the company May 1st you’ve agreed to their rate increase.
It may appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of Online Gaming, Casino and eSports Merchant Accounts marketers or those in charge 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 themselves. 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 been in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for over 9 years. One of the things I’ve learned is there are 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 you pay can be avoided if you exactly what to look with.