During the time when your business has been down due to the slow economy also as your costs are rising for accepting handmade cards? Yes, your rates Online Gaming, Casino and eSports Merchant Accounts fees you the small business owner pay may go up, way up depending on individual preference do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop a lot of. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates too. The largest increase I’ve seen so far has been .45%. So if you were paying 2% you will be paying 2.45%.
Please keep goal 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 now. In the last paragraph on finally 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. Additionally, it states that if you 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. You wil discover numbers of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in 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 quite a few of the processors have made their statements so confusing and hard to read, that small business owners quit opening these. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have experienced the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for over 9 years. One of the things I’ve learned is there are a lot of games being played at your expense.
It is necessary to process credit rating cards as efficiently as possible so reduce the fees you pay. Lots of the fees not only do you can be avoided if you know what to look over.