During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates and fees you the businessman pay may be going up, way up depending on individual preference do business with.
One Merchant Services processor announced we were raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop their. I’ve seen several other companies get on the bandwagon and announce they have risen their rates too. The largest increase I’ve seen to date has been many.45%. So if you were paying 2% you will 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 get your Statements out!! You ought to have received these your past mail by here. In the last paragraph on since 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 an individual 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 masses of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those answerable for the books for companies, who don’t even bother opening their statements once more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that business quit opening these. This gives these companies a real easy way to make 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 over 9 years. Among the things I’ve learned is there are many of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible to reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look for.