During the time when your business has been down due to the slow economy including your costs are rising for accepting credit card? Yes, your rates and fees you the businessman pay may be going up, way up depending on individual preference do business with.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Definitely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen to date 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 Gaming Merchant Account Services Processing companies!
Time to obtain your Statements out!! You should have received these previously mail by here. 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. It also states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those given the task 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, that salespeople quit opening these. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there are many of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so you merely reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look with.