During the time when your business has been down due to the slow economy including your costs are rising for accepting plastic money cards? Yes, your rates and fees you the company owner pay may be going up, way up depending on whom you do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. Though it doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these previously 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 may well be a % the rate is 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 Casino Merchant Accounts & Credit Card Processing Services Provider if your current company is raising your rates. Several 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 charge of the books for companies, who don’t even bother opening their statements any more! 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 boost rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is extremely to process your own cards as efficiently as possible so reduce the fees you pay. A lot of the fees not only do you can be avoided if you know what to look to obtain.