During the time when your business has been down due to the slow economy plus costs are rising for accepting a card? Yes, your rates and fees you the small business owner pay may be going up, way up depending on the person you do business by way of.
One Merchant Services processor announced have been raising their rates by .27%!! What a huge increase. Though it doesn't stop there. I've seen several other companies can get on the bandwagon and announce they have raised their rates to. The largest increase I've seen much has been even.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in 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 planet mail by next. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It % the minute rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that if you continue to process with the company May 1st you've agreed to their rate increase.
It may ideal to shop around for a different Online Casino & Gaming High Risk Merchant Accounts Services Provider if your current company is raising your rates. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.
I'm frightened at the number of employers or those in control the books for companies, who don't even bother opening their statements any further! This industry is very broken and a lot of the processors have made their statements so confusing and hard to read, that business 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 held it's place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for over 9 years. Amongst the things I've learned is there have a of games being played at your expense.
It is valuable to process credit rating cards as efficiently as possible so itrrrs possible to reduce the fees you pay. A lot of the fees would you can be avoided if you exactly what to look over.