"Having someone that's able to look at my statement and tell me where I can save is unheard of."Dukane Kueble
President, Dukane Skin Care Inc.
A low rate & competitive pricing model is the first step toward reducing processing fees Optimizing interchange charges can further lower costs
Savings: A Two-Part Process
Failing to monitor interchange charges leads many businesses to pay unnecessarily high credit card processing fees.
Reducing credit card processing fees is a two-part process that consists of lowering the processing markup and then optimizing interchange costs. Interchange rates are charged by the banks that issue credit cards and account for the majority of processing expense, providing an excellent and often overlooked opportunity for savings.
Catching Small Problems Before They're Big Money Pits
As Dukane, the owner of Dukane Skin Care recently found, a competitive rate does not guarantee the lowest processing costs.
After selecting a processor through CardFellow that reduced his business's processing fees by 38%, Dukane sent us the first statement from his new processor so we could ensure the rates he was being charged matched those that were quoted.
Upon auditing Dukane's statement we found the processor's rates to be very competitive and exactly as quoted, but we also noticed that many transactions were downgrading at interchange. This means that transactions were being charged at unnecessarily high rates due to processing errors.
After speaking with Dukane about possible causes for the downgrades, we were able to determine that Dukane's credit card machine was not properly settling transactions. Authorizations were being held for too long, causing them to be charged at higher interchange rates.
A quick call to Dukane's processor is all it took to correct a problem that had only amounted to a few extra dollars in fees. If we had not recognized the problem and allowed it to go on for weeks or months, the unnecessary losses would have been far greater.
A Low Rate Does Not Mean Low Cost
Dukane's experience is a prime example of why we provide free statement monitoring for all of our clients. CardFellow's marketplace makes it easy to find a low processing rate, but we know a low rate does not guarantee the lowest cost.
Our monitoring allows us to keep a watchful eye on total cost to ensure that businesses like Dukane Skin Care pay the lowest possible processing fees for as long as they are processing.
Here's what Dukane had to say about his experience with CardFellow:
My experience with CardFellow.com has been amazingly positive every step of the way. It's a quick and easy process that's actually understandable. CardFellow made sure that my business secured the best rates possible, while also making sure that there were no unnecessary fees. Looking at my statements prior to CardFellow was a negative experience every month because I knew I was being unnecessarily robbed, and even worse I felt powerless to stop the robberies. Now I look forward to opening my statements and the credit side of the business has become positive and enjoyable again.
Every business owner owes it to themselves to look at CardFellow. They have everything to gain and nothing to lose.
