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 company owner pay may be going up, way up depending on whom you do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Definitely doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have risen their rates very. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will be paying 2.45%.
Please keep inside 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 in the mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that you continue to process with the company May 1st you’ve 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 Gaming Merchant Account Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in control the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that business owners quit opening both of them. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look to obtain.