During the time when your business has been down due to the slow economy plus costs are rising for accepting handmade cards? Yes, your rates Casino and Online Gaming Merchant Account fees you the small business owner pay may go up, way up depending on the company you do business with the.
One Merchant Services processor announced had been raising their rates by .27%!! It really is a huge increase. Definitely doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have raised their rates to. The largest increase I’ve seen so far has been many.45%. So if you were paying 2% you will now be 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 buy Statements out!! You ought to have received these your past mail by this point. In the last paragraph on final 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. In addition, it states that if you continue to process with the company May 1st you might have 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 men 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 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 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 free account executive (OK salesman, but account executive sounds better) for upwards of 9 years. Among the things I’ve learned is there degree of complexity 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 not only do you can be avoided if you know what to look with.