During the time when your business has been down due to the slow economy also as your costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business by way of.
One Online Casino & Gaming High Risk Merchant Accounts Services processor announced had been raising their rates by .27%!! What a huge increase. Even so it doesn’t stop several. I’ve seen several other companies can get on the bandwagon and announce they have risen their rates to. 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 Merchant Services Processing companies!
Time to obtain your Statements out!! You should have received these inside the 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. Additionally, it states that you continue to process with the company May 1st you might 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 in the number of business owners or those given the task of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that business owners quit opening items. 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 experienced the payments processing industry as a executive (OK salesman, but account executive sounds better) clogs under 9 years. One of 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 you can reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look with.