Annual Savings $17,500+
We were referred to a local wholesale company that were very unhappy with their processor who had put though over $12,000 in increased fees. Although they had been able to get part of the fees reduced they were still very unhappy.The majority of their business is done with phone orders business to business so their sales attracted card not present fees as well as higher non qualified fees as most of the cards accepted were either rewards or business cards.
What We Did
We were able to arrange cost plus processing with higher fees on qualified transactions but lower for non qualified, as they had few or no qualified transactions they enjoyed very substantial savings. We were also able to eliminate the majority of the other fees that the old processor had been charging. We then arranged a recurring payment program Now when they have someone who wants to make monthly payments by credit card they enter the information once onto the processor’s server. They are not only no longer charged extra for card not present transactions they actually get a better rate that if the card were present because they are recurring transactions billed on a cost plus basis. The bookkeeper does not have to do monthly entries she can set up the account to bill automatically in any interval she wishes, set a start and end date if desired and make change to payment date or amount monthly or even skip payments if desired. They are not only saving large amount on fee but also their bookkeeper’s time not to mention the elimination of stored credit card information. Cancellation fees were waived.