Pre-Analysis Survey

Please complete the survey below prior to our Analysis Report Card meeting so that we can be as efficient as possible during that discussion.

Company Name

Your Email

First Name

Last Name

Below are some common issues companies face related to their merchant accounts.
Please rank each each concern for your business from 1 to 5
(1 = NOT A PROBLEM, 5 = HUGE CONCERN).

We are concerned that our credit card processing fees are higher than they should be

1 2 3 4 5

There seems to be a lack of transparency in how the fees are calculated

1 2 3 4 5

We are concerned about the impact of the 2021 Visa rate increase, and other semi-annual increases from the industry

1 2 3 4 5

Our processor rarely informs us about rate increases

1 2 3 4 5

Our processor does not respond quickly or thoroughly to our questions

1 2 3 4 5

Additional Detail

Almost all businesses are being overcharged by some amount in their credit card processing fees (errors, overcharging, inflated interchange, etc.). At what level does it become a priority for your company to address this?

Any amount Over $25k per year Over $100k per year Over $500k per year Over $1mm per year

How thoroughly does your team review your monthly merchant account statements?

We do not review our merchant statements Minimal: we simply reconcile deposits and book journal entries Moderate: we keep a close watch on our overall effective rate Thorough: we analyze each individual fee line-item, looking for discrepancies

How involved were you in selecting your current processor?

I was the primary decision maker Highly involved Slightly involved Not involved

What was the primary factor in your company’s selection of the current processor?

ERP requirements Best price Banking relationship Unsure

Have you ever engaged in an effort/initiative targeted at reducing merchant processing fees?

No, nothing targeted Yes, we have negotiated with our processor or put the account out to bid We have hired other consulting or audit firms

Describe your understanding of Interchange Fees

I am unfamiliar with Interchange Fees I have been told Interchange Fees cannot be reduced I have a sense that Interchange Fees could be reduced, but I have no idea how/where to start I am aware of several factors that could reduce my Interchange Fees

How easy is it to communicate with your processor?

Very easy – we have a dedicated rep Moderate – I call the toll-free number and speak with a live person Nightmare – Phone queues, automated systems, passcodes, waiting on hold I’ve never tried to contact my processor

If you were to move forward with a cost-reduction project, who else besides yourself would be involved in the decision?

I will be the decision maker I will present the project to upper management We will discuss as a team/committee

Is there any additional information regarding your merchant account that would be helpful/important for us to know?

(801) 953-1515
info@verisave.com
455 N. 400 West Salt Lake City, UT 84103

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