During the time when your business has been down due to the slow economy in addition to costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may go up, way up depending on the company you do business due to.
One Merchant Services processor announced these were raising their rates by .27%!! That’s a huge increase. But it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these in the mail by at present. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It can be % the rate is going up and/or a transaction fee ($.xx) increase. It also states that you continue to process with the company May 1st an individual 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. There are plenty 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 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 small business owners quit opening themselves. 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your own cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly What payment gateway supports gambling websites to look with.