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 operater pay may be going up, way up depending on who you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. But it doesn’t stop there. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen much has been even.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 gambling merchant account Services Processing companies!
Time to obtain your Statements out!! You ought to have received these previously mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that if you continue to process with the company May 1st you have 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 at the number of business owners 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 the majority 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 make 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. Amongst the things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look with.