Things to Know About Merchant Service Providers
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 company owner pay may go up, way up depending on who you do business due to.
One Merchant Services processor announced they were raising their rates by .27%!! What payment gateway supports gambling websites a huge increase. Even so it doesn’t stop a lot of. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen to date has been even.45%. So if you were paying 2% you will now 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 make your Statements out!! You should have received these planet mail by here. In the last paragraph on then everything else 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. It also states that seeking continue to process with the company May 1st you have 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 various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those given the task of 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 these. 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 held it’s place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the things I’ve learned is there are of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees provided for can be avoided if you exactly what to look over.
