During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on whom you do business while using.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop there. I’ve seen several other companies jump on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen much has been .45%. So if you were paying 2% you will now be paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You ought to have received these previously mail by now. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that if you 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 online gaming merchant account Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those answerable for the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of the 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 visited the payments processing industry as a free account executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I’ve learned is there degree of complexity of games being played at your expense.
It is very important to process your own cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees as opposed to can be avoided if you exactly what to look for.