During the time when your business has been down due to the slow economy including your costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on individual preference do business with the.
One Merchant Services processor announced we were raising their rates by .27%!! That’s a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will certainly 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 your Statements out!! You ought to have received these previously mail by this point. In the last paragraph on then everything else 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. It also states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may be time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of business men 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 quite a few of the processors have made their statements so confusing and hard to read, that business quit opening items. 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 degree of complexity of games being played at your expense.
It is valuable to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look over.