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 company owner pay may be going up, way up depending on the company you do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. Though it doesn’t stop a lot of. I’ve seen several other companies join the bandwagon and announce they have risen their rates to. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will be paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Best Online Gambling Merchant Accounts Services Processing companies!
Time to make your Statements out!! You ought to have received these your past mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. What’s more, it states that if you continue to process with the company May 1st possess to 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in control 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 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 visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for well over 9 years. One of many things I’ve learned is there degree of complexity of games being played at your expense.
It is valuable to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees as opposed to can be avoided if you know what to look for.