During the time when your business has been down due to the slow economy and your costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on individual preference do business due to.
One Merchant Services processor announced have been raising their rates by .27%!! Consume huge increase. But it doesn’t stop their. I’ve seen several other companies join the bandwagon and announce they have risen their rates quite. The largest increase I’ve seen much has been many.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 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 may be a % the rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that in the event you continue to process with the company May 1st an individual agreed to their rate increase.
It may the perfect to shop around for a different online gaming merchant account 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 business men or those in control the books for companies, who don’t even bother opening their statements any further! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that business owners quit opening items. This gives these companies a real easy way to raise 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 degree of complexity of games being played at your expense.
It is crucial to process your own cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look over.