During the time when your business has been down due to the slow economy also as your costs are rising for accepting a card? Yes, your rates and fees you the company owner pay may be going up, way up depending on who you do business due to.
One Best Online Casino Merchant Account Services processor announced had been raising their rates by .27%!! That’s a huge increase. But it doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will 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 obtain a Statements out!! You ought to have received these in the mail by now. 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 rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that in the event you continue to process with the company May 1st possess to agreed to their rate increase.
It may ideal to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services 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 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 rise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process credit rating cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look with.