Spend management has it’s benefits, but do the consultants really know what’s the best credit card processing solution for your business? Spend management consultants often mistakenly focus on the very same financial issue as merchants: the merchant discount. The biggest savings are achieved with interchange management.
3 questions every business to business company should ask before changing merchant accounts or credit card processing technology:
- How will your solution help me manage interchange qualification? (What specifically will it do to ensure that transactions achieve qualified instead of non-qualified interchange rates? Does it rely on employee training or does it handle it automatically?)
- How often does the company roll out new innovations? (The payments industry is changing fast, will they be able to keep up? Is this company a market leader?)
- How will your technology impact my PCI Compliance burden? (Payment Card Industry Data Security Standards or PCI DSS)
I’ve talked to a bunch of spend management experts over the years. Rarely do they have the expertise to guide merchants to the best solutions. They can help you reduce costs, but don’t leave money on the table by only solving part of the problem.
About the author: Christine specializes in providing merchants with innovative technology to manage the cost of accepting credit cards, without changing merchant accounts. With a primary focus on “card not present” payment processing solutions for mid-size companies, including manufacturers and wholesale distributors, merchants improve PCI Compliance and streamline the payment experience for both their company and their customers. It’s fast, easy to use, and requires no capital investment to implement. For sales call Christine at 954-942-0483 or click here for more information.