PayPal and Shopify are well-known PAYFAC (payment facilitator) Models used by small to mid-sized business. On top of offering credit card payment processing, they both offer a number of business management tools with the goal of simplifying eCommerce.
Paypal and Shopify are both considered an aggregator: a wholesale buyer or broker of a utility service, such as electricity or long-distance telephone service (or credit card payment processing), who packages it and sells it to consumers. Instead of acquiring a merchant account, gateway, and payment processor, merchants can choose to use an aggregator like PayPal or Shopify. Merchants pay for a packaged payment processing service that PayPayl or Shopify take care of for you, in return charging a flat rate with fixed fees based on location and currency.
Using this simplified credit card processing system, merchants can accept all forms of payment including:
- Mastercard
- Visa
- Discover
- American Express
Many merchants can solve PCI compliance issues when using PayPal and Shopify, however, not all PayPal and Shopify plans provide the necessary safeguards for PCI compliance. While many merchants appreciate the predictable flat rate fees for services provided by these companies, this is not always a cost effective payment model for larger corporations. If you are concerned that you have outgrown a PAYFAC model for credit card processing, speak with Verisave.
Verisave has worked with merchants using PayPal and Shopify in regards to their debit/credit card processing services. Combining our familiarity with these aggregators and our industry expertise in payment processing, we have developed proven strategies for lowering your overall merchant fees.
Contact Verisave To See How You Can Save Using Credit Card Processors Like PayPal and Shopify
If you are considering using an aggregator like PayPal or Shopify for your eCommerce solution, know that Verisave can help you to achieve the greatest savings potential when setting up your credit card payment processing. We are well aware of the payment platform’s contractual agreements, services, and associated fees. Verisave auditing experts can help you to determine if PayPal and Shopify are an efficient route for processing your business’ credit card payments or if money could be saved by using a standard merchant account, processor, and gateway system.
If you are currently working with PayPal or Shopify as your credit card payment processor, submit a recent merchant statement for our auditing experts to evaluate. We will compare your current rates to our industry benchmark data of 500+ companies. We specialize in credit card processing savings strategies because of our experience in this industry. These savings can only be realized when we implement our proven strategies in a very specific order. The order of operations matters when implementing savings strategies and if not followed correctly then some savings opportunities could be jeopardized.
Verisave Closely Examines Your Merchant Account For Potential Savings Opportunities
For companies using PayPal or Shopify, Verisave closely examines
- Potential Industry Savings – How do your credit card processing fees compare to other companies in your specific industry?
- Potential Benchmark Savings – How do your credit card processing fees compare to our proprietary database of benchmark data?
Verisave auditing experts find most companies are functioning at a lower savings potential when compared to other companies in their industry as well as compared to our benchmark data of credit card processing in general. Using specific savings strategies that we have developed, Verisave can dramatically increase your savings potential. Our experts save an average of 25%-35% in credit card processing fees for each client we work with.
Partnering with Verisave offers a number of benefits to companies looking to reduce their credit card processing fees:
- Assume absolutely no risk. The initial analysis is free and we act on behalf of your company only once you have approved our plan of action.
- Delegate a time-consuming task. Reducing your merchant account fees takes painstaking time and resources. Capturing savings will be our full responsibility and not another task on your list of things to do.
- Pay nothing out of pocket for our services. Verisave works on a gain/share basis: you only pay us our share for creating these savings after you have acquired them.
Verisave will audit and monitor your merchant statement each month ensuring the saving initiatives stay in place. We will also continue to identify additional savings opportunities on your behalf as we monitor your account.
You cannot lose when partnering with Verisave. Submit your merchant statement today to reduce PayPal and Shopify credit card processing fees.