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 company owner pay may be going up, way up depending on whom you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! Consume huge increase. But it surely doesn’t stop their. I’ve seen several other companies join the bandwagon and announce they have raised their rates too. The largest increase I’ve seen to date has been .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 obtain a Statements out!! You should have received these previously mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that you continue to process with the company May 1st possess to agreed to their rate increase.
It may proper to shop around for a different Online Casino & Gaming High Risk Merchant Accounts 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 in the number of business men or those in control of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that business owners quit opening both of them. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is crucial to process credit score 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 exactly what to look over.