During the time when your business has been down due to the slow economy including your costs are rising for accepting credit cards? Yes, your rates and fees you the operater pay may go up, way up depending on the company you do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. But it surely doesn’t stop there. I’ve seen several other companies get on the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen significantly has been a.45%. So if you were paying 2% you will now 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 get your Statements out!! You should have received these in the mail by here. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the minute rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that in the event you continue to process with the company May 1st you might have agreed to their rate increase.
It may ideal to shop around for a different Casino Merchant Accounts & Credit Card Processing 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 in the number of employers or those in control the books for companies, who don’t even bother opening their statements once more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business quit opening items. This gives these companies a real easy way to rise 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, but account executive sounds better) for over 9 years. One of the things I’ve learned is there are many of games being played at your expense.
It is crucial to process credit rating cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look to obtain.