During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on the company you do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop several. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen much has been .45%. So if you were paying 2% you will 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 now. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rates are going up and/or a transaction fee ($.xx) increase. It also states that in the event you continue to process with the company May 1st an individual agreed to their rate increase.
It may ideal to shop around for a different Casino Merchant Accounts & Credit Card Processing 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 business owners 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 quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening both of them. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees not only do you can be avoided if you know what to look to obtain.