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 small business owner pay may be going up, way up depending on whom you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! Of your huge increase. Even so it doesn't stop a lot of. I've seen several other companies get on the bandwagon and announce they have risen their rates additionally. The largest increase I've seen much has been .45%. So if you were paying 2% you will be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Casino Merchant Accounts & Credit Card Processing Services Processing companies!
Time to get your Statements out!! You should have received these planet mail by now. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It may well be a % the rate is going up and/or a transaction fee ($.xx) increase. It also states that in the event you 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 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 at the number of business owners or those in control the books for companies, who don't even bother opening their statements any further! 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 both of them. This gives these companies a real easy way to raise rates and fees since all the alerts and communications are on the statements.
I have visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of many things I've learned is there are a lot of games being played at your expense.
It is crucial to process credit rating cards as efficiently as possible to reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look to have.