During the time when your business has been down due to the slow economy including your 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 who you do business due to.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop several. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will be paying 2.45%.
Please keep inside your 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 planet mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that if you continue to process with the company May 1st an individual 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 in the number of business men or those answerable for the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business owners 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 visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process credit rating cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look for.