Things to Know About Merchant Service Providers
During the time when your business has been down due to the slow economy also as your costs are rising for accepting credit card? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business by way of.
One Merchant Services processor announced we were raising their rates by .27%!! Consume huge increase. Though it doesn’t stop a lot of. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will now 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 get your Statements out!! You should have received these in the mail by at present. 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. Furthermore, it states that seeking continue to process with the company May 1st you’ve agreed to their rate increase.
It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. Several of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that businesspeople quit opening themselves. 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there have a of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees you pay can be avoided if you exactly What payment gateway supports gambling websites to look for.
