During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on who you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! What a huge increase. Though it doesn’t stop a lot of. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You should have received these inside the mail by here. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that merchandise in your articles continue to process with the company May 1st possess to agreed to their rate increase.
It may proper to shop around for a different Online Casino & Gaming High Risk Merchant Accounts 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 in the number of employers or those answerable for the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that businesspeople quit opening them. 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 an account executive (OK salesman, but account executive sounds better) for upwards of 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 credit rating cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look over.