During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the company owner pay may go up, way up depending on the company you do business with the.
One Merchant Services processor announced we were raising their rates by .27%!! What a huge increase. But it doesn’t stop their. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen so far has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Best Online Casino Merchant Account Services Processing companies!
Time to obtain your Statements out!! You ought to have received these inside the mail by next. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. It also states that seeking continue to process with the company May 1st possess to 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 various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those in control 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 business quit opening themselves. 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 an account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is very important to process credit score cards as efficiently as possible to reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look to have.