During the time when your business has been down due to the slow economy and your costs are rising for accepting plastic money cards? Yes, your rates and fees you the operater pay may be going up, way up depending on whom you do business while using.
One Merchant Services processor announced they were raising their rates by .27%!! Of your huge increase. Even so it doesn't stop several. I've seen several other companies hop on the bandwagon and announce they have risen their rates to. The largest increase I've seen much has been many.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 obtain a Statements out!! You ought to have received these your past mail by now. In the last paragraph on the last page of your statement is where they usually disclose (hide) the rate increase. It may be a % the minute rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that merchandise in your articles continue to process with the company May 1st possess to 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. Several of Merchant Services gambling payment providers out there that are not increasing their processing rates.
I'm frightened in the number of employers or those given the task of the books for companies, who don't even bother opening their statements once more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that small business owners quit opening 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 held it's place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) clogs under 9 years. Amongst the things I've learned is there are many of games being played at your expense.
It is very important to process your own cards as efficiently as possible to reduce the fees you pay. A lot of the fees not only do you can be avoided if you exactly what to look to obtain.