During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit cards? Yes, your rates and fees you the businessman pay may go up, way up depending on who you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop right now. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen significantly has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in mind 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 next. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that seeking continue to process with the company May 1st possess to 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 owners or those in charge of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few 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 rise rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the things I’ve learned is there are many of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you know what to look with.