During the time when your business has been down due to the slow economy plus costs are rising for accepting credit cards? Yes, your rates Casino and Online Gaming Merchant Account fees you the company owner pay may go up, way up depending on individual preference do business while using.
One Merchant Services processor announced had been raising their rates by .27%!! What a huge increase. Definitely doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates too. The largest increase I’ve seen significantly has been .45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You should have received these inside the mail by next. In the last paragraph on since 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 a transaction fee ($.xx) increase. Additionally, it states that merchandise in your articles 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 masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business men or those given the task of the books for companies, who don’t even bother opening their statements any more! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that small business owners 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 been 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 of games being played at your expense.
It is necessary to process your credit cards as efficiently as possible so you can reduce the fees you pay. A lot of the fees provided for can be avoided if you know what to look to have.