During the time when your business has been down due to the slow economy also as your costs are rising for accepting plastic money cards? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. But it doesn’t stop a lot of. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen so far has been can.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 obtain your Statements out!! You should have received these planet mail by now. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that merchandise in your articles 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or gambling payment gateway those answerable for 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 processors have made their statements so confusing and hard to read, that business quit opening themselves. 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 an account executive (OK salesman, but account executive sounds better) for well over 9 years. Amongst the things I’ve learned is there are many of games being played at your expense.
It is valuable to process your own cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look with.