During the time when your business has been down due to the slow economy plus costs are rising for accepting credit card? Yes, your rates and fees you the businessman pay may go up, way up depending on who you do business with.
One Merchant Services processor announced have been raising their rates by .27%!! It really is a huge increase. But it surely doesn't stop a lot of. I've seen several other companies get on the bandwagon and announce they have raised their rates to. The largest increase I've seen significantly has been even.45%. So if you were paying 2% you will be paying 2.45%.
Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain your Statements out!! You ought to have received these in the mail by this point. In the last paragraph on since 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 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 plenty of Merchant Services Providers out there that are not increasing their processing rates.
I'm frightened in the number of business men 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 salespeople quit opening themselves. This gives these companies a real easy way to rise rates Casino and Online Gaming Merchant Account 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) clogs under 9 years. Among the things I've learned is there are a lot of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look to have.