During the time when your business has been down due to the slow economy also as your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may be going up, way up depending on the company you do business with.
One Merchant Services processor announced these were raising their rates by .27%!! That's a huge increase. Even so it doesn't stop right now. I've seen several other companies jump on the bandwagon and announce they have raised their rates additionally. The largest increase I've seen to date has been many.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep goal this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You should have received these your past mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that you continue to process with the company May 1st you've agreed to their rate increase.
It may appropriate time to shop around for a different Merchant 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 Best Online Casino Merchant Account marketers or those in control the books for companies, who don't even bother opening their statements nowadays! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that businesspeople quit opening themselves. This gives these companies a real easy way to increase rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of many things I've learned is there are many of games being played at your expense.
It is extremely to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees as opposed to can be avoided if you know what to look with.