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 operater pay may go up, way up depending on who you do business while using.
One Casino Merchant Accounts & Credit Card Processing Services processor announced these were raising their rates by .27%!! That’s a huge increase. But it doesn’t stop a lot of. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen so far has been .45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in 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 at present. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the rate is 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 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 business men or those answerable for the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that small business owners quit opening items. 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 free account executive (OK salesman, but account executive sounds better) every one of the 9 years. Among the things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look with.