During the time when your business has been down due to the slow economy plus costs are rising for accepting credit card? Yes, your rates and fees you the small business owner pay may go up, way up depending on the company you do business by way of.
One Best Merchant Accounts for Online Gambling Services processor announced they were raising their rates by .27%!! Consume huge increase. But it doesn't stop several. I've seen several other companies can get on the bandwagon and announce they have raised their rates too. The largest increase I've seen significantly has been many.45%. So if you were paying 2% you will easily 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 should have received these in the mail by now. In the last paragraph on since page of your statement is where they usually disclose (hide) the rate increase. It % the rate is 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 you might have agreed to their rate increase.
It may ideal to shop around for a different Merchant 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 at the number of business or those in charge of the books for companies, who don't even bother opening their statements once more! This industry is very broken and a lot 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 held it's place in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I've learned is there have a of games being played at your expense.
It is very important to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees would you can be avoided if you know what to look over.