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 businessman pay may go up, way up depending on whom you do business by way of.
One gambling merchant account Services processor announced had been raising their rates by .27%!! What 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 to. The largest increase I’ve seen much has been a.45%. So if you were paying 2% you will definitely 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 make your Statements out!! You should have received these in the mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the minute rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking continue to process with the company May 1st an individual 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 plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those in control of the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that business quit opening these. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process your own cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees provided for can be avoided if you exactly what to look to obtain.