During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business by way of.
One Merchant Services processor announced these were raising their rates by .27%!! It really is a huge increase. But it doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will 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 obtain your Statements out!! You ought to have received these your past mail by now. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that seeking continue to process with the company May 1st you’ve agreed to their rate increase.
It may appropriate 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 online gaming merchant account marketers or those in control the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that salespeople quit opening themselves. 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 held it’s place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for over 9 years. Amongst the things I’ve learned is there are of games being played at your expense.
It is very important to process credit rating cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look for.