During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit card? Yes, your rates and fees you the business owner pay may be going up, way up depending on individual preference do business due to.
One Merchant Services processor announced we were raising their rates by .27%!! What a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You should have received these previously mail by here. In the last paragraph on final page of your statement is where they usually disclose (hide) the rate increase. It can be % 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 an individual agreed to their rate increase.
It may ideal to shop around for a different Gaming Merchant Account Services Provider if your current company is raising your rates. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of online marketers or those in control the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that businesspeople quit opening both of them. 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 held it’s place in 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 a lot of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees you pay can be avoided if you know what to look to have.