During the time when your business has been down due to the slow economy and your costs are rising for accepting handmade cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on who you do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. Even so it doesn’t stop there. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen so far has been a.45%. So if you were paying 2% you will easily be 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 buy Statements out!! You should have received these previously mail by this point. In the last paragraph on then everything else 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 if you continue to process with the company May 1st an individual agreed to their rate increase.
It may appropriate time 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 in the number of business or those in control of the books for companies, who don’t even bother opening their statements any further! 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 raise rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) every one of the 9 years. Among the things I’ve learned is there are a lot 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 not only do you can be avoided if you know What payment gateway supports gambling websites to look for.