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 with.
One Merchant Services processor announced had been raising their rates by .27%!! Of your huge increase. Definitely 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 so far has been .45%. So if you were paying 2% you will now 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 a Statements out!! You ought to have received these planet mail by next. In the last paragraph on final 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. In addition, it states that in the event you continue to process with the company May 1st you have 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 masses of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I’m frightened at the number of business or those in control the books for companies, who don’t even bother opening their statements nowadays! 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 both of 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 a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there have a of games being played at your expense.
It is valuable to process your own cards as efficiently as possible to reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look with.