During the time when your business has been down due to the slow economy also as your costs are rising for accepting plastic money cards? Yes, your rates and fees you the company owner pay may go up, way up depending on the company you do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! Consume huge increase. Even so it doesn’t stop there. I’ve seen several other companies get on the bandwagon and announce they have raised their rates to. The largest increase I’ve seen to date has been can.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 Merchant Services Processing companies!
Time to make your Statements out!! You ought to have received these your past 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 may well be a % the minute rates are going up and/or a transaction fee ($.xx) increase. It also states that if you continue to process with the company May 1st an individual agreed to their rate increase.
It may the perfect to shop around for a different online gaming merchant account Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those in control of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that business quit opening themselves. 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 been in the payments processing industry as a free account executive (OK salesman, but account executive sounds better) for over 9 years. One of many things I’ve learned is there degree of complexity 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. Lots of the fees you pay can be avoided if you know what to look to have.