During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on the company you do business with.
One Merchant Services processor announced these were raising their rates by .27%!! That’s a huge increase. Definitely doesn’t stop several. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will certainly 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 buy Statements out!! You should have received these previously mail by here. In the last paragraph on then everything else 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 appropriate time to shop around for a different Merchant Services Provider if your current company is raising your rates. There are various of Best Merchant Accounts for Online Gambling Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those in charge of the books for companies, who don’t even bother opening their statements any further! 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 them. 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 been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for upwards of 9 years. Amongst the things I’ve learned is there are of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look to obtain.