During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates and fees you the company owner pay may go up, way up depending on individual preference do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! That's a huge increase. Definitely doesn't stop their. I've seen several other companies get on the bandwagon and announce they have raised their rates quite. The largest increase I've seen significantly has been many.45%. So if you were paying 2% you will definitely 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 buy Statements out!! You ought to have received these your past mail by next. In the last paragraph on final 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. Additionally, it states that seeking continue to process with the company May 1st you have agreed to their rate increase.
It may be 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 online marketers or those given the task of the books for companies, who don't even bother opening their statements anymore! This industry is very broken and a lot of the gambling payment processors have made their statements so confusing and hard to read, that business owners 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I've learned is there degree of complexity of games being played at your expense.
It is extremely to process credit rating cards as efficiently as possible to reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly what to look for.