During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the business owner pay may be going up, way up depending on who you do business with the.

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

Please keep goal this is not Visa, gambling payment gateway or MasterCard raising their rates, it is the Merchant Services Processing companies!

Time to obtain a Statements out!! You ought to have received these in the mail by now. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It can be % the minute rates are going up and/or a transaction fee ($.xx) increase. Additionally, it states that seeking continue to process with the company May 1st you might have agreed to their rate increase.

It may proper to shop around for a different Merchant Services Provider if your current company is raising your rates. Several 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 nowadays! This industry is very broken and quite a few of the processors have made their statements so confusing and hard to read, that business owners quit opening these. 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 been in the payments processing industry as a executive (OK salesman, but account executive sounds better) for over 9 years. One of the many things I’ve learned is there are of games being played at your expense.

It is extremely to process your own cards as efficiently as possible so itrrrs possible to reduce the fees you pay. Lots of the fees provided for can be avoided if you know what to look over.