Things to Know About Merchant Service Providers

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 business owner pay may go up, way up depending on who you do business due to.

One Merchant Services processor announced they were raising their rates by .27%!! What a huge increase. But it surely doesn’t stop several. I’ve seen several other companies get on the bandwagon and announce they have risen their rates to. The largest increase I’ve seen so far has been .45%. So if you were paying 2% you will certainly paying 2.45%.

Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!

Time to buy Statements out!! You ought to have received these planet mail by this point. 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 rates are going up and/or gambling payment gateway a transaction fee ($.xx) increase. It also states that seeking continue to process with the company May 1st an individual 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. There are plenty of Merchant Services Providers out there that are not increasing their processing rates.

I’m frightened at the number of business owners 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 quite a few of the processors have made their statements so confusing and hard to read, that businesspeople quit opening them. This gives these companies a real easy way to increase 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 business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. Among the things I’ve learned is there are many of games being played at your expense.

It is valuable to process credit rating cards as efficiently as possible so you merely reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look for.