During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may go up, way up depending on whom you do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop a lot of. I’ve seen several other companies get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these your past mail by here. In the last paragraph on since 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. It also states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may the perfect to shop around for gambling payment gateway a different Merchant Services Provider if your current company is raising your rates. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those answerable for the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. 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 been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for over 9 years. One of the many things I’ve learned is there are many of games being played at your expense.
It is necessary to process credit score cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look to have.