During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on the person you do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! Consume 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 raised their rates very. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will easily 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 your Statements out!! You ought to have received these inside the mail by here. 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. What’s more, it states that in the event 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 various 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 answerable for 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 business owners quit opening themselves. 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 visited the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there are of games being played at your expense.
It is crucial to process your cards as efficiently as possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look over.