During the time when your business has been down due to the slow economy in addition to costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on the company you do business by way of.
One Merchant Services processor announced we were raising their rates by .27%!! What a huge increase. But it doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the online gaming merchant account Services Processing companies!
Time to buy Statements out!! You ought to have received these previously mail by at present. 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. 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 plenty of Merchant Services 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 anymore! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that salespeople quit opening these. This gives these companies a real easy way to rise 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) every one of the 9 years. One of the many things I’ve learned is there are many of games being played at your expense.
It is very important to process your cards as efficiently as possible so reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look with.