During the time when your business has been down due to the slow economy in addition to costs are rising for accepting handmade cards? Yes, your rates and fees you the operater pay may be going up, way up depending on who you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! It really is a huge increase. But it doesn’t stop several. I’ve seen several other companies get on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen significantly has been even.45%. So if you were paying 2% you will certainly 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 should have received these in the mail by at present. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that you continue to process with the company May 1st you might have 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. 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 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 gambling payment processors have made their statements so confusing and hard to read, that business quit opening both of them. 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 been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for well over 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 credit rating cards as efficiently as possible to reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look over.