During the time when your business has been down due to the slow economy also as your costs are rising for accepting a card? Yes, your rates and fees you the business owner pay may go up, way up depending on the company you do business with.

One Merchant Services processor announced these were raising their rates by .27%!! Of your huge increase. Even so it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen significantly has been many.45%. So if you were paying 2% you will now 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 obtain a Statements out!! You should 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 may be a % the rates are going up and/or a transaction fee ($.xx) increase. Furthermore, it states that merchandise in your articles continue to process with the company May 1st you’ve 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.

I’m frightened at the number of business or those in control the books for companies, who don’t even bother opening their statements nowadays! This industry is very broken and a lot of the gambling payment processors have made their statements so confusing and hard to read, that business owners quit opening them. 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 visited the payments processing industry as an account executive (OK salesman, but account executive sounds better) for well over 9 years. One of many things I’ve learned is there are of games being played at your expense.

It is crucial to process credit score cards as efficiently as possible to reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look with.