During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business with.
One Merchant Services processor announced we were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop several. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen significantly has been can.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 a Statements out!! You should have received these your past mail by at present. In the last paragraph on since 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. Additionally, it states that seeking continue to process with the company May 1st you’ve agreed to their rate increase.
It may appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of Online Gaming, Casino and eSports Merchant Accounts marketers or those in control of 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 business relationship executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is extremely to process credit score cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look for.