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 go up, way up depending on individual preference do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! What a huge increase. But it doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have risen their rates to. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will easily 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 your Statements out!! You should have received these in the mail by at present. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may be a % the rate is going up and/or a transaction fee ($.xx) increase. Additionally, it states that if you continue to process with the company May 1st you 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of online marketers or those in control of the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, gambling payment gateway that small business owners quit opening themselves. This gives these companies a real easy way to make rates and fees since all the alerts and communications are on the statements.
I have held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) every one of the 9 years. One of many things I’ve learned is there have a of games being played at your expense.
It is valuable to process credit score cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look to have.