How to reduce merchant account fees.
Merchant accounts are complicated.
The industry has evolved in such a way that the landscape of banks, card-brands, and processors that are involved in a credit card transaction can be very difficult to navigate.
The fees you pay when accepting a credit card payments are determined by an intricate combination of data and codes being sent through the gateway, to the processor and the banks, and back again.
If this data is not optimized, you could be paying more than you should. In fact, almost every business is overpaying on credit card processing fees.
To lower these fees, you need extensive expertise, insider knowledge, and mountains of industry benchmark data.
The importance of merchant account setup.
The way your account is setup determines all of the different codes that are passed back and forth by the involved banks during a transaction. And these codes determine the majority of the fees you pay.
If your merchant account was setup incorrectly, you will be subject to higher rates and potentially expensive downgrades (which are penalties incurred for not processing a card correctly).
The truth is, very few organizations, even processors, are equipped to set up a merchant account optimally.
And even when it is set up properly, it might not stay that way …
The credit card processing industry is constantly changing.
Even if your account was setup correctly in the first place, the industry changes twice per year and the setup may not be optimized any longer.
Your processor, even if they set you up correctly, they are not focused on maintaining correct setup or adherance to new or updated rules.
Also, your business may experience changes as you grow, introducing unsuspected card types into the mix.
Integrations add complextiy.
Your ERP settings, integrations, and gateway will also play a part in how your account should be set up for optimal rates. And as there are numerous technologies available in this regard.
Some systems are owned by the processor, making it difficult to shop around. Some are proprietary, making it very expensive to change anything. So you’re left with back-end optimization, if you want to significantly reduce costs in your merchant account.
In short, it is essential to understand your merchant account and monitor it ongoing to ensure you are paying the correct rates. There’s so much going on in the account setup that it can be incredibly difficult to keep up with the industry and maintain the level of expertise required.
Verisave has you covered. We have the expertise to identify incorrect account settings and we do the work to correct them for you.
We will optimize your merchant account and fix every error and overcharge … without any need to change processors.
And you don’t pay us a dime until we bring that money back to you.
How Verisave reduces your processing fees:
Verisave offers cost-reduction, simplified. With minimal time investment, disruption, risk, or upfront fees, we can easily bring 10%-30% of your credit card processing fees back to your bottom line.
No need to change processors, and no need to add a project to your team’s workload.
Strategy
We dissect and analyze every fee on your merchant account to find all viable savings tactics, re-classifications, and hidden discounts.
Optimization
We apply these tactics to your existing merchant account, implementing all savings for you. We do all of the work.
Monitoring
We monitor the account every month to ensure your fees do not increase over time, and that any annual rate updates are minimized or avoided.