During the time when your business has been down due to the slow economy including 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 who you do business while using.
One Merchant Services processor announced they were raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies jump on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen much has been .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 obtain a Statements out!! You should have received these your past mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It can be % the rate is going up and/or a transaction fee ($.xx) increase. In addition, it states that you continue to process with the company May 1st an individual agreed to their rate increase.
It may be 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 or those in charge of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and quite a few of the gambling payment processors have made their statements so confusing and hard to read, that business quit opening 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 upwards of 9 years. One of many things I’ve learned is there are of games being played at your expense.
It is crucial to process your cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look for.