Merchant Account Fees: Not Just Another “Cost Of Doing Business”

When it comes to doing business, most companies factor into their spending plan a number of unavoidable fees. One of which is often their merchant account fees. It’s set aside, unassessed, and assumed that this fee is a non-negotiable. But what companies should know is that these fees are in-fact not set in stone and could have a major impact on your yearly costs.

Master Merchant Account Statements To Decrease Company Spending

You cannot nix merchant account fees all-together. It’s only fair that the companies offering your customers such a seamless way to make transactions receive payment for the time and manpower required to process them. Unfortunately, they get a little greedy and have high hopes that you won’t notice.

On average you’ll lose about 2-3% of any transaction made with a credit card to merchant account fees. You’re actually paying this percentage to a number of participants: the bank who issued the card, Visa/MC networks, the acquiring bank, and the credit card processor. In almost every case we see, companies are overpaying. They’re locked into contractual agreements to pay fees that are twice the normal rate or they are paying fees that could be eliminated 100%.

Though merchant account statements are very confusing to analyze, there are dozens of alterations you can make to your statement to cut costs and realize dramatic savings each month.  Take a look at three quick examples below:

  • Call your current processor and request a Rate Review. This could result in shaving a few points off of your rate.
  • Check to see if your company’s merchant account is PCI Compliant. If your company is not PCI Compliant, then you will be charged an additional fee each month. Your processor knows how to help you become compliant.
  • For American Express statements: verify that you are NOT being charged a Monthly Gross Pay Fee or Statement Fee.

Eliminate Unnecessary Spending On Merchant Services

After 15 years of studying merchant accounts, processing, financial/bank practices, and fighting for our clients, we’ve learned the ins and outs of the merchant processing business. We offer businesses a free evaluation of their latest merchant account statement, with no risk for you and absolutely no commitment. Once we review your statement we’ll let you know just how much your company is overpaying in service fees every month. Should you decide to use our services, we’ll dramatically minimize your monthly service fees.

On their own, companies can see a savings of 3-5% after navigating and cutting down merchant account fees. But with the help of our professional merchant account auditors, companies can save anywhere from 25-35% in monthly account fees.

We saved one restaurant nearly $3,000 in monthly savings.

This restaurant owner was monitoring his merchant account statements and noticed that his processing fees were increasing every year. His processor, when contacted, notified the restaurant owner that the processor’s fees were also increasing, leaving him unable to do anything but raise the restaurant owners fees as well. Once this restaurant owner hired Verisave, we were able to lower his merchant account fees by 28%, saving the restaurant owner $3,000 per month.

Verisave recognized a 30% savings in merchant account fees for a medical device company.

With an overall effective rate of 2.85%, a Medical Device company hired Verisave to review their processing fees.  Within a few days they had identified a 30% reduction on their fees.  Over the next 3 weeks they implemented the savings that is still being realized today.

At Verisave, we want to be a part of your team. We are more than a group of merchant account auditing specialists. We have years of experience working with companies to cut merchant account costs and increase free cash flow. Put our knowledge and expertise to use for your company and you’ll see instant savings from the get go.

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