During the time when your business has been down due to the slow economy and your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on whom you do business with.
One Merchant Services processor announced we were raising their rates by .27%!! Of your huge increase. Though it doesn’t stop right now. I’ve seen several other companies get on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen so far has been can.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You should have received these in the 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. It also states that seeking continue to process with the company May 1st you might have agreed to their rate increase.
It may proper to shop around for a different Online Casino & Gaming High Risk Merchant Accounts Services Provider if your current company is raising your rates. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners 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 the processors have made their statements so confusing and hard to read, that salespeople quit opening both of them. This gives these companies a real easy way to boost rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is very important to process your 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 know what to look with.