During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may go up, way up depending on who you do business with.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. But it doesn’t stop there. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen much has been a.45%. So if you were paying 2% you will now be 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 buy Statements out!! You ought to have received these in the mail by at present. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that if you continue to process with the company May 1st you’ve 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 various of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in charge of the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that business owners quit opening them. This gives these companies a real easy way to boost rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is extremely to process your cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look to obtain.