During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the business owner pay may go up, way up depending on whom you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! Consume huge increase. Definitely doesn’t stop their. 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 significantly has been even.45%. So if you were paying 2% you will easily 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 make your Statements out!! You should have received these planet mail by at present. In the last paragraph on since 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. Additionally, it states that you continue to process with the company May 1st you’ve agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in control 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 themselves. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as an account 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 valuable to process your cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly What payment gateway supports gambling websites to look with.