During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on whom you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! That’s a huge increase. But it surely doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen to date has been even.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You ought to have received these previously 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 can be % the rate is going up and/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st you’ve 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 in the number of Online Gaming, Casino and eSports Merchant Accounts marketers or those given the task of 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 both of them. 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 business relationship executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look for.