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 unsure of how to even challenge their processing companies.
By optimizing your interchange rates, weeding out unnecessary charges, and implementing more tired-and-true techniques, Verisave can reduce your merchant account fees anywhere from 25% to 35% each month. Having years of experience sorting through companies’ merchant account statements has given us 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 70% of your merchant fees.
- The credit card network (Visa or Mastercard) receive about 15% 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% or 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 70% of your merchant account fees. That is why we aim to reduce your interchange rate.
How Verisave Optimizes Interchange Rates
Verisave has worked with a number of companies who’ve grown tired of burdensome interchange rates. One business, in particular, was a healthcare company. They deal with a high volume of credit card purchases to make payments easier for their customers. However, their merchant fees came to an astounding 3% of each transaction.
Our auditing experts at Verisave we were able to reduce their interchange rate and locate more miscellaneous fees woven into their merchant statement. After our thorough analysis, and with the use of experience-earned negotiating tools, their credit card processing fees are now only 1.94% of each transaction – resulting in a 35% savings each month in fees.
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 too will save 25-35% in fees each month.
Reach out today and see how quickly Verisave can help.