During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business with the.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. But it surely doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Best Online Casino Merchant Account Services Processing companies!
Time to get your Statements out!! You should have received these in the mail by here. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that merchandise in your articles continue to process with the company May 1st an individual agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those given the task of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that salespeople 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process your cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look to have.