During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on whom you do business due to.
One Merchant Services processor announced we were raising their rates by .27%!! What payment gateway supports gambling websites a huge increase. Though it doesn’t stop their. I’ve seen several other companies join the bandwagon and announce they have raised their rates too. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will now be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You ought to have received these previously mail by here. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st possess to 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those given the task of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. 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 visited the payments processing industry as a executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there degree of complexity of games being played at your expense.
It is crucial to process your cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look to obtain.