During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the company owner pay may go up, way up depending on who you do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. But 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 significantly has been even.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in the mind 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 previously mail by at present. In the last paragraph on then everything else 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 if you continue to process with the company May 1st an individual 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers 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 the majority of of the gambling payment processors have made their statements so confusing and hard to read, that business owners quit opening them. 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 held it’s place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process credit score cards as efficiently as possible so reduce the fees you pay. A lot of the fees provided for can be avoided if you exactly what to look to obtain.