During the time when your business has been down due to the slow economy in addition to costs are rising for accepting plastic money cards? Yes, your rates and fees you the company owner pay may go up, way up depending on whom you do business by way of.
One Best Online Casino Merchant Account Services processor announced had been raising their rates by .27%!! That’s a huge increase. Though it doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will now be 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 make your Statements out!! You ought to have received these your past mail by here. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It % the minute 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 possess to 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. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those answerable for the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business quit opening 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 been in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there are of games being played at your expense.
It is crucial to process your credit cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look over.