Merchant account consultants work to lower your rates and fees with your existing credit card processor and they evaluate your processing habits to help you achieve the lowest possible transaction costs each month.
What makes this solution unique is that consultants charge a contingency based fee that motivates them to save you as much as possible. Another factor that differentiates consulting from interchange plus or flat fee solutions is that you don't need to switch credit card processors to realize significant savings.
A quick note: We can't vouch for consultants that you find outside of CardFellow. The following information is applicable for merchant account consultants that offer credit card processing solutions here at CardFellow.
What is merchant account consulting?
Merchant account consulting is where a payment professional evaluates your processing habits and your existing merchant account rates and fees. They then work with your current credit card processor to lower your costs as much as possible. Consultants will review your statements every month of your agreement to ensure that you continually achieve the lowest possible rates and fees.
How does merchant account consulting work?
After consultants have had the opportunity to analyze your processing system, they will contact your processor on your behalf to negotiate the best possible pricing. Consultants will then analyze your processing statements each month to ensure that you're achieving the lowest possible processing expenses. The analysis will include a side-by-side comparison of what you would have paid that month prior to the consultation, and what you actually paid. Only then, after your actual savings have been outlined, will they charge their fee based on how much they're able to save you.
What are the advantages of merchant account consulting?
Drawing upon their industry experience, consultants are able to negotiate rates and fees on your behalf that are often better than competitive new price quotes.
Since consultants work to lower your fees with your existing credit card processor, you aren't subject to the hassle and expense of switching providers.
Using a consultant to lower your processing expenses is easy because they do all of the work involved in getting you the best possible rates and fees.
You will be protected from unnecessary charges and rate increases. Consultants will review your statements each month for the length of your agreement to ensure that you're paying the lowest possible rates and fees.
What are the fees involved in merchant account consulting?
Consultants charge a single monthly fee that is based on a percentage of the actual savings that they produce for an agreed upon amount of time. Since consultants charge a fee based on actual results, there is no up-front investment or risk, and you know that they will work hard to secure the lowest possible rates and fees for your business.
Where can I find a consultant?
If your business currently processes $25k a month of more in credit card sales, a consulting solution will be offered once you sign up. Don't worry if you're not quite processing that much yet, you will still be able to take advantage of the competitive interchange plus and flat fee merchant account pricing solutions offered through our processing partners.
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