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

One Merchant Services processor announced had been raising their rates by .27%!! That’s a huge increase. But it doesn’t stop right now. I’ve seen several other companies join the bandwagon and announce they have risen their rates to. The largest increase I’ve seen to date has been even.45%. So if you were paying 2% you will definitely be paying 2.45%.

Please keep in mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!

Time to obtain your Statements out!! You ought to have received these previously mail by next. In the last paragraph on finally 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. In addition, it states that you continue to process with the company May 1st possess to 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 in charge of the books for companies, who don’t even bother opening their statements once more! This industry is very broken and quite a few of the gambling payment processors have made their statements so confusing and hard to read, that salespeople quit opening both of them. 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 visited the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of the things I’ve learned is there have a 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. A lot of the fees you pay can be avoided if you know what to look to obtain.