During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on the company you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! What a huge increase. But it doesn’t stop several. I’ve seen several other companies get on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen to date has been a.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 a Statements out!! You should 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 are sometimes % the minute rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that merchandise in your articles continue to process with the company May 1st an individual agreed to their rate increase.
It may ideal 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 marketers or those in control the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of the gambling payment 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 an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is very important to process your own cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look for.