During the time when your business has been down due to the slow economy in addition to costs are rising for accepting handmade cards? Yes, your rates and fees you the operater pay may be going up, way up depending on the person you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! Of your 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 very. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will now be 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 in the mail by now. In the last paragraph on the last 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. It also states that if you continue to process with the company May 1st you might have 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 plenty of Online Casino & Gaming High Risk Merchant Accounts Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that salespeople quit opening both of 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 visited 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 many of games being played at your expense.
It is extremely to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look to obtain.