During the time when your business has been down due to the slow economy and your costs are rising for accepting credit card? Yes, your rates Casino and Online Gaming Merchant Account fees you the businessman pay may go up, way up depending on who you do business with the.
One Merchant Services processor announced these were raising their rates by .27%!! What 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 much has been many.45%. So if you were paying 2% you will definitely 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 make your Statements out!! You ought to have received these planet mail by at present. 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. Additionally, it states that if you continue to process with the company May 1st you might have agreed to their rate increase.
It may ideal 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 at the number of business owners or those answerable for 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 business quit opening themselves. 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 visited the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is very important to process credit rating cards as efficiently as possible to reduce the fees you pay. A lot of the fees as opposed to can be avoided if you exactly what to look with.