Work with experts to drastically reduce credit card processing fees while keeping your current processor.
How We Save You Money
Our auditors really know how to read a merchant statement.
Let us take a look at yours. We’ll identify any possible savings.
And then … we’ll implement those savings on your behalf.
We Audit Your Company Merchant Accounts and Interchange Rates
Rather than disregarding merchant account fees as a necessary cost of doing business, more businesses are paying closer attention to their credit card transaction fees. Verisave performs a thorough review of your merchant account statement. By reducing negotiable interchange rates, we can dramatically reduce your credit card processing fees and cut unnecessary spending by an average of 25%-35% each month.
Verisave Has An Eye For Merchant Account Statements
Auditing merchant account statements is no simple task. Each credit card network has their own interchange rates and these can vary widely depending on a number of factors. There are also a number of factors that affect your total monthly merchant account fees that can be hard to spot on a merchant account statement.
Variables That Affect The Interchange Rate
- The type of credit card used (rewards, debit, credit, etc).
- How the payment is run (wireless, chip, swipe, etc).
- The type of business the merchant operates.
- When the batch settlement is paid.
More Variables That Affect Your Merchant Account Fees
- Processor fees.
- PCI Compliance or Non-compliance.
- Junk Fees – These include statement fees, monthly funding fees, services fee, etc.
- The application of a surcharge fee.
These variables make wading through merchant account statements very confusing. Without an established relationship, negotiations with a processor resulting in fee reductions can be hard to come by. Using our expertise and long-time-knowledge of the credit card industry, your accounting department can use Verisave as a valuable tool in reducing credit card processing fees.
Can You Answer The Following Questions?
- How much profit does my merchant processor make on my account?
- What fees do I have control over?
- Am I paying too much in credit card processing fees?
- Are my fees in line with my competitors?
- Are savings available to me that I am not aware of?
- Can my American Express fees be reduced?
- How do I reduced my fees without switching processors?
If your company is intrigued by the examples above, there is a simple way to begin saving. Send in your company’s most recent merchant account statement and we will analyze it for free. It’s a simple, risk free process.
Verisave Knows Where All Your Fees Go
Merchant processing fee reduction is overly complicated because of the many entities benefitting from your high credit card processing fees. Parties receiving a portion of your fees include:
The bank which gives the cardholder their credit card is called the issuing bank. They receive 70% of your merchant account fees.
Visa and Mastercard share card networks, while other cards like Discover, and American Express have their own networks and associated fees. The networks receive 15% of merchant account fees.
The acquiring bank is where your merchant account is set up and they process your customers’ credit card payments. Acquiring banks receive 5% of the merchant account fees.
Independent Sales Organization (ISO)
An ISO can be utilized with an Acquiring Bank. The use of an ISO can affect your overall monthly payment. The ISO receives 10% of merchant account fees.