Thought They Had A GREAT PriceI took a look at a prospective merchant's credit card statement.
They were paying a LOT for their processing. They assured me that they had a great rate.
I even looked at their original contract from two years earlier. Sure enough - they had
a great rate.
Over time - their merchant account company decided to increase their rate.
is this done? Usually - a company will put a small notice on the first
page of your monthly statement saying something like: "Starting next
month your rate will be increasing to xxx.xx%".
And then - starting the following month - the rate could double / triple - or in this particular case quintuple....
ADVICE: Check your statement and your rate every month. Make sure it is what you contracted for in the initial agreement.