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 small business owner pay may be going up, way up depending on the company you do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! That’s a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have raised their rates quite. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will now 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 make your Statements out!! You should have received these in the mail by here. In the last paragraph on final 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. Furthermore, it states that you continue to process with the company May 1st you might 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 employers 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 business quit opening both of them. 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 been in 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 have a of games being played at your expense.
It is crucial to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you know what to look over.