How much can I save?
You can save money without changing credit card processors. With Least Cost Routing technology, you can save on many forms of payments including check, credit card,GSA, recurring billing and loyalty cards among others.
Please note, we require a minimum $1,000,000 annually in payment processing to qualify for lower cost programs.
WHAT WILL YOU SAVE ON CREDIT CARD PROCESSING IF YOU CHANGE PROCESSORS?
The bulk of your savings will come from Visa, MasterCard, and Discover processing. We cannot reduce the cost of American Express since they operate differently; we can advise you on negotiating better rates, when applicable. Other elements such as check processing, are for another discussion.
Savings vary widely based on these factors:
- what type of plan you are on now
- dollar volume you are processing
- your industry
- who you are processing with now
- your region
Your current plan:
Some price plans are much worse than others. Those who have been with the same processor for many years tend to save more (up to 30%), because they are on older ‘legacy’ price plans that do not reflect the Card Association fees of today.
Dollar volume:
There is no set volume for determining savings. Our minimum to process is $1 million. The bigger your volume, the more likely you are to save bigger dollars, but a smaller percentage relative to current costs. Across all industries:
- 5% of customers we analyze will receive no savings- they are in the perfect set-up already
- 5% save over $20,000 per month
- 20% save $150 per month
- 70% save something else.
Percentage of processing costs:
Same applies as to dollar volume:
- most customers we analyze will save 6-30% off their monthly processing costs.
Your industry:
See merchant card processing specialties for individual – industry performance notes. In general:
Least savings: GM car dealers, ecommerce companies
Most savings: Auto supply/auto repair, building supply, appliance, furniture, anything business to business or card not present, excluding ecommerce
Least predictable savings: hotels & theme parks- tremendous variations in savings
Your region:
Big cities tend to be more competitive, but it is not a great predictor. Companies get so many sales calls by those in the industry in larger cities that they tend to just shut them all out. Why? Over 95% of processors offer the same price plans, with little variation other than rate. Thus when making comparisons, they are all about the same year after year. The other 5% who offer different price plans are usually the ones with the better deal, but may never get the opportunity.
