Tips for Managing, Monitoring, and Controlling Your Credit Card Processing Fees

We have found that nearly every company is overpaying their credit card processors. Some companies are paying thousands of dollars each month unnecessarily due to high rates and miscellaneous fees attached to their merchant account. But, accounting departments are catching on to the chaos surrounding credit card processing fees and hiring auditing firms like Verisave to cut unnecessary spending and increase profitability.

Verisave accomplishes significant savings for large companies in a number of ways.

Managing

Our expert auditors at Verisave use years of experience and well-developed business relationships to manage credit card processing fees for our clients.

Monitoring

Processors can include added fees to your merchant account for a number of reasons. But many times, we can have these fees eliminated. Once your savings have been realized, we’ll make sure your rates don’t steadily climb back up over time.

Controlling

You have more say than you realize when it comes to your merchant account fees and processing rates. We’ll help you take control of your accounts to better benefit your business.

Managing Financial Business Relationships

It can take years to build up steady business relationships with the many players in the credit card industry. Here are some tips on how your company can better manage these types of relationships.

  • Rate review – Your company can request a rate review from its merchant processor. This can help take off a few points from your company’s overall fee percentage.
  • Request for proposals – By sending out a RFP, your company can gain a feel for the rates being offered by other processing companies. It is a good idea to include your company’s current processor in this request, as they will work to keep a strong relationship with your company and may potentially offer you a lower rate.

Monitor Your Merchant Account Statements

Merchant account statements can be tricky to understand. It is easy to miss added and unnecessary fees. Over time, these small fees can make a huge dent in your bottom line. Some things your company can monitor are:

  • Junk fees – If the fee is labeled a “monthly” fee, then it is likely unnecessary. Some examples are “monthly statement fees”, “monthly service fees”, and “monthly funding fees”.
  • PCI compliance – Your company’s merchant account needs to be Payment Card Industry Compliant. Without compliance, your company will be charged a monthly fee. Your company’s merchant processor can help your business account become compliant.

Control Credit Card Processing Fees

Your company can take more control of your merchant account and credit card processing fees by hiring a merchant auditing firm like Verisave. Receive a detailed audit comparing your company’s credit card processing fees to the current industry’s standard fees. We’ll also identify ways you can save money in your merchant account by locating overspending, unnecessary charges, and much more. Contact us today and put your company on the path to managing, monitoring and controlling credit card processing fees.

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