During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the businessman pay may go up, way up depending on who you do business by way of.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Definitely doesn’t stop there. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen so far has been .45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get 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 can be % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that you continue to process with the company May 1st you have agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Casino Merchant Accounts & Credit Card Processing Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those answerable for 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 business quit opening these. 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 experienced the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for over 9 years. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process credit rating cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look with.