During the time when your business has been down due to the slow economy in addition to costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on the company you do business with the.
One online gaming merchant account Services processor announced they were raising their rates by .27%!! That's a huge increase. Definitely doesn't stop a lot of. I've seen several other companies get on the bandwagon and announce they have raised their rates additionally. The largest increase I've seen to date has been even.45%. So if you were paying 2% you will be 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 in the mail by next. 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. In addition, it states that if you continue to process with the company May 1st you 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I'm frightened in the number of business owners or those given the task of the books for companies, who don't even bother opening their statements nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that salespeople quit opening these. 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 visited the payments processing industry as an account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I've learned is there have a of games being played at your expense.
It is valuable to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees you pay can be avoided if you exactly what to look for.