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 business owner pay may go up, way up depending on whom you do business by way of.
One Merchant Services processor announced we were raising their rates by .27%!! Of your 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 too. The largest increase I’ve seen much has been a.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 make your Statements out!! You should have received these in the mail by at present. 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 minute rates are going up and/or a transaction fee ($.xx) increase. It also states that seeking 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 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 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 a lot of the processors have made their statements so confusing Online Gaming, Casino and eSports Merchant Accounts hard to read, that small business owners quit opening them. 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 held it’s place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there have a of games being played at your expense.
It is very important to process your cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look with.