During the time when your business has been down due to the slow economy also as your costs are rising for accepting a card? Yes, your rates and fees you the small business owner pay may be going up, way up depending on whom you 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 several. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen to date has been many.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You ought to have received these inside the mail by next. In the last paragraph on finally 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. Furthermore, it states that merchandise in your articles 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. Several of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that businesspeople quit opening these. 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 a bank account executive (OK salesman, but account executive sounds better) for over 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is crucial to process credit rating cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees you pay can be avoided if you know what to look with.