During the time when your business has been down due to the slow economy and your costs are rising for accepting a card? Yes, your rates and fees you the operater pay may go up, way up depending on the company you do business with.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. But it surely doesn’t stop a lot of. I’ve seen several other companies can get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen significantly has been .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 buy Statements out!! You should have received these your past mail by this point. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. Furthermore, it states that you continue to process with the company May 1st you’ve agreed to their rate increase.
It may the perfect 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 business owners or those in control of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that businesspeople quit opening themselves. 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) for upwards of 9 years. One of the things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your cards as efficiently as possible so reduce the fees you pay. A lot of the fees you pay can be avoided if you know What payment gateway supports gambling websites to look with.