During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the businessman pay may go up, way up depending on whom you do business while using.
One Online Casino & Gaming High Risk Merchant Accounts Services processor announced had been raising their rates by .27%!! That’s a huge increase. But it doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen much has been even.45%. So if you were paying 2% you will easily 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 buy Statements out!! You ought to have received these inside the mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It % the rate is going up and/or a transaction fee ($.xx) increase. It also states that merchandise in your articles continue to process with the company May 1st possess to agreed to their rate increase.
It may be time 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 employers or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that business quit opening items. 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 experienced the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. One of the many things I’ve learned is there are a lot of games being played at your expense.
It is very important to process your cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look for.