Monday, May 18 2020
While many people dismiss high credit card processing fees as a cost of doing business, there’s another way to do things. Credit card processing fees are always going to be a part of doing business, but there are actionable steps that you can take to lower the amount that you pay on a monthly basis to your credit card processing provider if you want to increase your margin and keep more of the transactions that you process to yourself. If you want to reduce your monthly processing fee, then the first place you should go to is a merchant services consultant. With a merchant services consultant by your side, you’ll be gaining a team member that looks out for your best interests and analyzes your monthly credit card processing bill to find potential savings opportunities.
If you have never heard of a merchant services consultant, then you are probably wondering what exactly they are and what they do. A merchant services consultant is an individual or company that is tasked with helping businesses find the right solution for them. A merchant services consultant can assist a business when it comes to credit card processing solutions in a number of ways. This can include anything from processing credit cards to POS solutions and more.
A merchant services consultant is usually an individual that works closely with leadership of a business to understand their needs, analyze their current processing solution, and suggest changes that could lead to big savings and a more efficient business process. A merchant services consultant is needed for any business that wants to achieve the best possible results in their credit card processing needs.
If you are a business that hires a merchant services consultant, then there are a variety of things that you can count on them to help you with. Most businesses that hire a merchant services consultant do so because they want help in finding a more affordable solution than the one that they currently have. Though the cost of a merchant services consultant is often frontloaded, in the long-run having a professional by your side can save you thousands of dollars and improve margins drastically.
Aside from finding ways to cut down your current merchant processing bill, you can also count on a merchant services consultant to help you find new POS solutions, analyze your efficiency, and do other basic consulting on matters related to merchant processing.
When you hire a merchant services consultant, often the first thing that will be done by them is a thorough analysis of your current processing solution. This process is an in-depth look at what your business is currently doing and what it costs you. During this step in the process, you will provide your consultant with all of the information that they need to know including sales data and bills from your merchant processing company. Using this information, your consultant will be able to build a solid foundation of knowledge and get to know your company on a more intimate level. Only from this place of knowledge will they be able to make recommendations and adjustments to your processing strategy.
Since processing is of huge importance in any business, the consultant that you hire to analyze your processing activities should be a great fit for the job and possess all of the tools that are necessary to do it right and save your company money in the long run. One of the most important things that you should look for in a consultant is a track record and history of being able to identify factors in processing agreements that are detracting from your profit and harming your business.
Our merchant services consultants are highly skilled at this and can provide you with a very scrutinized view of your processing history and what can possibly be done to fix it. For years, we have been analyzing payment processing arrangements and identifying outliers that are eating into the profit of businesses and making them less viable.
When you hire a merchant services consultant, you undoubtedly have some expectations as to the results that are going to be achieved as a result. You can safely expect to be advised carefully on your merchant services and processing solutions. If you choose to let your consultant negotiate your processing bill or find a new processor, you can expect to save thousands of dollars over the course of your time processing payments. This increased margin can help your business to have a higher chance of success and make it easier to thrive in a competitive business environment.