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 business owner pay may be going up, way up depending on whom you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. But it surely doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen to date has been many.45%. So if you were paying 2% you will certainly 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 your Statements out!! You ought to have received these previously mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may be time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the processors have made their statements so confusing and gambling payment gateway 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 held it’s place in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) every one of the 9 years. Amongst the things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look over.