During the time when your business has been down due to the slow economy plus costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business with the.
One Merchant Services processor announced we were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop their. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will be 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 buy Statements out!! You should have received these in the 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 may well be a % the minute rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may ideal to shop around for gambling payment gateway a different Merchant Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of employers or those in charge of the books for companies, who don’t even bother opening their statements anymore! 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 held it’s place in 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 of games being played at your expense.
It is very important to process your cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look for.