Optimize Your Interchange Rates To Save On Merchant Account Fees

Too often, companies accept losing money on merchant account fees when they would not accept those kinds of losses in other areas. But merchant account fees are presented in such a way that it can feel like an insurmountable task to cut back on expenditure. It is possible the fees are purposely obscured so businesses are not aware that fees can be reduced.

By optimizing your interchange rates, weeding out unnecessary charges, and implementing more tried-and-true techniques, Verisave could reduce your merchant account fees anywhere from 25% to 35% each month. Years of experience sorting through companies’ merchant account statements has given Verisave a familiarity with the process. Our savings experts focus solely on reducing your merchant account fees, saving your business more than they imagined was possible.

Interchange Rates Contribute The Most To Your Merchant Account Fees

One way Verisave helps companies save money is by optimizing their interchange rate – this is vital to reducing your over-all credit card processing fees. Your merchant account processing fees are distributed among multiple entities:

  • The card issuing bank (like Chase, Wells Fargo, or a local credit union) receives on average 80% of your merchant fees.
  • The credit card network (Visa or Mastercard) receive about 5% of your merchant fees. AmEx and Discover are a bit different (receiving 100% of your merchant fees) as they operate in a closed-loop network.
  • The acquiring bank is the bank that processes the transaction and they’ll take 5% of your merchant fees.
  • If an ISO (Independent Sales Organization) is involved, 10% or your merchant fees will go to them.

The cash that pays your interchange rate goes directly to the card issuing bank. They receive a whopping 80% of your merchant account fees. That is why we aim to reduce your interchange rate.

Verisave Success Story

Verisave has worked with a number of companies who’ve grown tired of burdensome interchange rates. One business in particular, was a medical device company. Their overall effective rate (total fees divided by total credit card volume) was 2.85%. The Verisave audit team significantly reduced their interchange rates and was able to lower their Amex rates and eliminate some other fees, creating a 28% reduction to their overall effective rate and saving them over $27,700 per month!

Receive A Free Analysis Of Your Merchant Account Statement

If your company is looking to optimize their interchange rates and save big on merchant fees, contact Verisave. Simply submit a recent merchant account statement for a free analysis. We’ll return a detailed report at no cost, showing you exactly how much you could be saving each month. By finding and eliminating unnecessary fees, reducing interchange rates, and working with your current processor, you could save 25-35% in fees each month.

Reach out today and see how quickly Verisave can help.

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