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 operater pay may be going up, way up depending on the person you do business with the.
One Merchant Services processor announced they were raising their rates by .27%!! It really is 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 significantly has been many.45%. So if you were paying 2% you will certainly paying 2.45%.
Please keep in your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to buy Statements out!! You ought to have received these in the mail by now. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It can be % the rate is going up and/or a transaction fee ($.xx) increase. What’s more, it states that if you 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. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened in the number of business owners or those in charge of the books for companies, who don’t even bother opening their statements anymore! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that salespeople quit opening these. This gives these companies a real easy way to make rates and fees since all the alerts and communications are on the statements.
I have been in the payments processing industry as a bank account executive (OK salesman, but account executive sounds better) every one of the 9 years. One of the many 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 itrrrs possible to reduce the fees you pay. Lots of the fees would you can be avoided if you know what to look for.