During the time when your business has been down due to the slow economy including your costs are rising for accepting a card? Yes, your rates and fees you the businessman pay may be going up, way up depending on whom you do business by way of.
One Best Online Gambling Merchant Accounts Services processor announced they were raising their rates by .27%!! Of your huge increase. Definitely doesn’t stop several. I’ve seen several other companies hop on the bandwagon and announce they have risen their rates additionally. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You ought to have received these in the mail by at present. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that seeking continue to process with the company May 1st possess to agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those answerable for the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business quit opening both of them. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for well over 9 years. One of many things I’ve learned is there are a lot of games being played at your expense.
It is valuable to process credit rating cards as efficiently as possible to reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look for.