During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on whom you do business while using.
One Merchant Services processor announced these were raising their rates by .27%!! Consume huge increase. But it surely doesn’t stop a lot of. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will now 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 obtain a Statements out!! You should have received these inside the mail by now. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It % the rates are going up and/or a transaction fee ($.xx) increase. It also states that seeking continue to process with the company May 1st you 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 in the number of employers or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few of the gambling payment processors have made their statements so confusing and hard to read, that small business owners quit opening them. 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 held it’s place in the payments processing industry as business relationship executive (OK salesman, 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 necessary to process credit score cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look for.