During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the small business owner pay may go up, way up depending on individual preference do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! That’s a huge increase. But it doesn’t stop several. I’ve seen several other companies join the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen much has been many.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 planet mail by here. In the last paragraph on finally 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. Additionally, it states that merchandise in your articles continue to process with the company May 1st an individual 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. Several of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those in charge 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 salespeople quit opening themselves. This gives these companies a real easy way to boost rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. Among the things I’ve learned is there are of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look for.