During the time when your business has been down due to the slow economy plus costs are rising for accepting credit card? 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%!! That’s a huge increase. Though it doesn’t stop several. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen much 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 your past mail by now. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that seeking continue to process with the company May 1st you have agreed to their rate increase.
It may appropriate time to shop around for a different Best Merchant Accounts for Online Gambling 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 at the number of business men or those given the task of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot 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 boost rates and fees since all the alerts and communications are on the statements.
I have visited 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 valuable to process your cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look for.