First step for finding areas for cost saving. We need a complete full months copy of your merchant services credit card processing statement.
The reason for this is because many businesses we work with in Orlando FL have asked “If we can give a quote without thoroughly analyzing their credit card processing statement?”. We understand that you as the business owner do not have the time to really analyze your merchant statement to see if you can save on costs, especially if your current merchant statement is confusing to understand which fees are for which transaction. That is why we highly recommend letting a professional do this for you. Here’s how we can assist:
The first thing that we do when examining a credit card processing statement is we separate the legitimate costs and the profitable markup.
Legitimate Cost: These are interchange fees. Everyone has to pay these. Even Walmart.
Profitable Markup: These are negotiable fees. The more you reduce these fees, the better your deal.
Lets pretend on your statement that you processed $40,000 and you had $1,040 in fees. After thoroughly analyzing and going through each line item we found that out of the $1,040 in fees, $710 of it was Legitimate Cost while $330 was Profitable Markup.
In this type of scenario we would decide that $60 in Profitable Markup is fair. This means that the bottom line on the quote we provide back to you will show a savings of $270 per month and that’s $3,240 per year better off in your pocket (Math: $330-$60 = $270)
We provide a detailed quote going over each fee and a summary page going over the results. Here is a look at a sample summary page: