FAQ: Credit Card Processing Cost Reduction
Cost Reduction Opportunities
- What do I pay for this service?
- Nothing, we simply share in 50% of the incremental savings that we deliver to you over a period of time. After that you keep all your savings. Again, if there is no savings, you pay nothing.
- How do you calculate our actual savings?
- Using an adequate time frame, we calculate your Historical Average Effective Rate based on bankcard and debit sales volume and your actual fees. Once your new more favorable terms have taken place we simply calculate your actual savings as the difference between actual costs versus what you would have continued to pay based on your Historical Average Effective Rate.
- What if there are no savings?
- There is no fee. It really is that simple.
- How and when do we pay your fee?
- Monthly, based on your actual savings for that month (see above for savings calculation)
- What if my processor won’t cooperate with you?
- Our experience suggests that is highly unlikely. If it happens we will present you with written proposals from three reputable merchant services providers. The decision is yours. You have no obligation to switch processors.
- How much of my time will this take?
- The entire process is usually less than a half hour. A few minutes to fax over statements, we then agree to the Historical Average Effective Rate that will be used as your baseline, and finally, once your first full month of processing has been affected, a few minutes to review your quantified savings and answer questions, if you have any.
- How do the processors feel about your services?
- It varies. They don’t like having their profits reduced but most see that as preferable to losing you as a customer. We don’t try to eliminate their profits on your account, just reduce them to a fair and reasonable level. We are businesspeople and believe every company deserves a reasonable profit. Most processors recognize and respect that.
- What are the possible downsides?
- There are none. Our clients agree this is truly a no-brainer. There is no downside, you can only gain from this service.
- Why wouldn’t everybody use your services?
- Clients ask us that all the time. We require a minimum of $50,000 in monthly bankcard and debit sales volume, so not every business qualifies.
- Why do I need you? Can’t I just do this on my own?
- Not realistically. Even those businesses who take months to research and make heroic efforts to do this on their own, rarely accomplish even 30% of savings potential that we do. This is not a matter of shopping around, or asking your processor for a lower rate. We are successful because we know this industry, we know how to calculate your processor's break-even, we know the acceptable minimum margins, we put your business in a position of power by backing up our requests with bona-fide offers, we have strong relationships with most of the processing companies who understand and cooperate with us, we know and understand Interchange and Interchange Compliance, and we know the best practices to ensure your transactions will process at the least costly method. We put 15 years of industry experience and relationships on your side to bring you incremental profitability through reducing this cost. This is what we do everyday.
- I’m convinced. How do we get started?
- A simple phone call (888-303-0897) is all it takes. Or just complete this simple online form [link]. We will contact you to arrange receipt of your most recent processing statements. From there you are on the fast track to adding profits by subtracting costs. A win-win if there ever was one.