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Have you noticed that over time the Merchant Services Credit Card Processing Rates that you started with start creeping up or even jumping up and that’s because they are they really are.
Hi, I’m Gingergaye, President of Electronic Money Company and I want to explain what’s going on. So there are thousands of different rates for different types of cards. They have different risk and there’s more fraud with some than others and the bank associations get together every six months and kind of look at things overall and if a certain particular kind of international card or a certain type of reward card or credit card experience a loss because they’re not charging quite enough on that rate, they’ll up until they’ll make an increase.
Never have i known the rates to go down to tell you the truth. But anyway, so sometimes the risk goes up and they raise it. So that’s fair enough really you know banks don’t like to lose money, none of us like to lose money and that’s what’s going on, they get together every six months and adjust this. Well, the processor who services your merchant account takes advantage of that. they say, “oh this particular international card has higher rate and this particular card has a higher rate.” Let’s tell everybody that rates went up and and now they’re going to add like .10% to the whole portfolio all the different types of transactions and then maybe in the next six months some other little section goes up and they decide to add a monthly fee and find some reason to add a monthly fee. Maybe they raise the PCI non-compliance fee. For example, so the processor is padding their own profits taking advantage of the situation.
By the way Electronic Money Company, we just do not do that. We like to treat everybody like family and that is not what you do take advantage of family, So you can be assured if you’re working with us for your merchant services that the rate you start with is the rate you’re going to keep forever. We would rather build a portfolio of merchants who love us, who trust us, who are going to stay with us for the life of their business then treat people fairly i frankly don’t understand why a salesperson a sales office for merchant services would try to make a quick buck because eventually you’re going to find out anyway. So usually this happens in October and April so check the bottom of your merchant statement maybe come march and September to see if there’s not some fine print making some changes on your merchant services fees. If you don’t like it, give us a call at 505-296-2847.
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