Credit card processing costs seem minuscule when you consider one individual purchase. But as a business owner looks over their monthly statements, they will see how these small percentages really start to add up when it comes time to pay your merchant account processing fees.
At Verisave, we specialize in combing through merchant account statements, line-by-line, to locate overspending and reduce the amount business owners pay for the processing of credit card payments each month. On average, we save our clients 25% to 35% in monthly fees after a detailed analysis of their statement and execution of our cost-reducing techniques.
When it comes to reducing your credit card processing fees, there are many variables to consider. One of which is the “payment gateway”.
- What is its purpose?
- Does it affect your monthly merchant fees?
The Purpose of The Payment Gateway In Credit Card Processing
The payment gateway in the credit card processing industry is the entity that connects the merchant’s POS terminal (or system for e-commerce) to the credit card processor. These gateways are used when the merchant’s POS cannot directly connect to the processor.
Merchants Pay Additional Fees To Use Payment Gateways
Additionally, merchants can also expect to pay for the necessary software or hardware to accommodate for the use of a payment gateway.
Chase Paymentech gives merchants a way to process payments for products by acting as the payment gateway. They provide merchants with a POS terminal while allowing communication between the terminal and the processor, taking away the need for a third-party payment gateway.
There are a number of payment gateways available and Verisave has experience working with all of them. If you are interested in lowering your credit card processing fees, we can help you to eliminate unnecessary third-party payment gateways and suggest the best route to take for your credit card processing. However, companies can expect to save considerable amounts on merchant account fees without having to change their current processor.
Our history of working with Chase Paymentech, TSYS, First Data, Vantiv, and Worldplay has helped us to understand their strengths and limitations. Choosing the right path for your payment processing will have a significant effect on your bottom line.
Reduce Your Monthly Merchant Fees With Verisave
Verisave’s merchant account auditing experts have spent years pouring over itemized merchant statements. We can quickly identify added fees that can be eliminated as well as areas of overspending.
Verisave has helped many companies to realize dramatic savings by lowering their credit card processing rates. A retail store owner achieved a 5% reduction in their merchant fees by implementing a number of savings techniques that we use here at Verisave. But after allowing our auditors look over their merchant account statements, we were able to identify an additional 15% reduction – including savings from American Express charges.
To see what your business could save in merchant fees each month, send us a copy of your most recent merchant account statement. At no cost to you, we will analyze your statements to determine potential fee reductions and return our findings within 2-3 days. Should you choose to work with us, you could see your savings implemented in a matter of weeks.