During the time when your business has been down due to the slow economy including your costs are rising for accepting plastic money cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on the person you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! What a huge increase. Even so it doesn’t stop a lot of. 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 easily be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Casino Merchant Accounts & Credit Card Processing Services Processing companies!
Time to obtain a Statements out!! You ought to have received these in the mail by this point. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking continue to process with the company May 1st you have 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 in control of 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 small business owners quit opening 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 held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for well over 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees as opposed to can be avoided if you know what to look to have.