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 businessman pay may be going up, way up depending on who you do business while using.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. Definitely doesn't stop several. I've seen several other companies get on the bandwagon and announce they have risen their rates too. The largest increase I've seen to date has been can.45%. So if you were paying 2% you will definitely 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 get your Statements out!! You ought to have received these inside the mail by this point. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that seeking continue to process with the company May 1st you've agreed to their rate increase.
It may ideal to shop around for a different Merchant Services Provider if your current company is raising your rates. There are plenty of online gaming merchant account Services Providers out there that are not increasing their processing rates.
I'm frightened at the number of employers or those in charge of the books for companies, who don't even bother opening their statements any more! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that business owners quit opening these. 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 experienced the payments processing industry as a executive (OK salesman, but account executive sounds better) every one of the 9 years. Amongst the things I've learned is there are many of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look to obtain.