During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the business owner pay may go up, way up depending on whom you do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop several. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates too. 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 get your Statements out!! You ought to have received these in the mail by this point. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may well be a % 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 you’ve 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 plenty of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of employers or those given the task of the books for companies, who don’t even bother opening their statements once more! 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 both of them. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of 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 you pay can be avoided if you exactly what to look to have.