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 business owner pay may go up, way up depending on whom you do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. Though it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates to. The largest increase I’ve seen much has been .45%. So if you were paying 2% you will be paying 2.45%.
Please keep in 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 since page of your statement is where they usually disclose (hide) the rate increase. It may well be a % 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 you might have agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in control of the books for companies, who don’t even bother opening their statements nowadays! 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 themselves. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a free account executive (OK salesman, gambling payment gateway but account executive sounds better) every one of the 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is very important to process credit rating cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees not only do you can be avoided if you know what to look to have.