During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates and gambling payment gateway fees you the operater pay may be going up, way up depending on whom you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! That’s a huge increase. But it doesn’t stop their. I’ve seen several other companies get on the bandwagon and announce they have risen their rates very. The largest increase I’ve seen to date has been many.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to get your Statements out!! You should have received these your past mail by now. 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 seeking continue to process with the company May 1st you have 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business 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 salespeople quit opening them. 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 been in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) every one of the 9 years. Among the things I’ve learned is there degree of complexity of games being played at your expense.
It is very important to process your own cards as efficiently as possible to reduce the fees you pay. A lot of the fees not only do you can be avoided if you know what to look over.