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 company owner pay may be going up, way up depending on who you do business while using.
One Merchant Services processor announced they were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop their. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen to date has been .45%. So if you were paying 2% you will definitely be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Online Casino & Gaming High Risk Merchant Accounts Services Processing companies!
Time to obtain a Statements out!! You should have received these in the mail by this point. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It are sometimes % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that in the event you 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. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business owners or those answerable for the books for companies, who don’t even bother opening their statements any more! This industry is very broken and a lot 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 visited the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) for upwards of 9 years. Amongst the things I’ve learned is there are of games being played at your expense.
It is crucial to process credit score cards as efficiently as possible so reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look to obtain.