During the time when your business has been down due to the slow economy in addition to costs are rising for accepting plastic money cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on whom you do business while using.
One Merchant Services processor announced these were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop several. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will now 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 obtain a Statements out!! You ought to have received these in the mail by at present. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking continue to process with the company May 1st you might have 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 plenty of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners or those in control 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 businesspeople 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 an account executive (OK salesman, but account executive sounds better) clogs under 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is crucial to process your own 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 over.