Maximize Savings On Credit Card Processing With A Fee Assurance Program
Merchant services play a key role in enabling businesses to offer payment choices. There is a downside to merchant fees which often are hidden or inflated. The best solution to avoid and curtail this expense begins with the first step of a comprehensive and professional analysis of your merchant account statement and identifying the cost of processing.
Understanding merchant fees
So, what is a merchant statement? It is a paper or electronic-based invoice that merchants receive from their payment processor every month. Typically, these kinds of statements comprise a broad overview or summary of all the payment processing fees and fees charged to the merchants
Have you ever been surprised to notice any unexpected fees charged to your merchant account? There are many parts of a merchant account statement that may be overwhelming. Most providers charge merchants a certain percentage when they utilize their solutions to sell products/services.
If understanding the statement itself is complex and overwhelming, how does one identify any hidden or extra charges? How can merchants avoid this and save money? The ‘Fee Assurance Program’ offered by Q PaymentZ is the best solution to overcome this challenge.
Reviewing your statement & identifying extra charges – Why is it needed?
Payment processing is a continuous ongoing process. Though accepting credit cards and offering other allied services at your business boosts your revenue, you should be aware of how much you are paying. Fees have fluctuations, and they may vary depending on your sales volume. You may be charged for services that you have never used, or there are certain hidden/overrated fees.
It is essential to have a complete understanding of the merchant account statement. Due to their busy work schedules and constant plans to improve business, most merchants need to realize or be aware of when they are charged extra fees.
Fee Assurance Program – what is this?
The Fee assurance Program is a detailed review of your merchant account. This in-depth analysis of your merchant statements will give the breakdown of all the fees alongside your overall charges and helps in discovering what each charge is meant for.
This analysis involves reviewing the merchant statements and identifying the actual cost of payments for the clients.
Most often, merchants just pay the cost mentioned in the statement. However, the reality is that many of these charges/fees can be paid without paying. There could be unwanted fees such as minimum fees, statement fees, or any hidden charges. Knowing what you are being charged for can guide you in the right direction to ensure that you do not lose your hard-earned money. To put it in a nutshell, the fee assurance program looks into the breakdown of charges on a merchant account statement. It explores ways of reducing or avoiding these unwanted charges/fees.
How does this Fee Assurance Program work?
This fee assurance program will audit and analyze each and every transaction. It will dive deep into the merchant account statement's rates, fees, and charges. This scrutiny will help expose any hidden markups of any inflated fees.
The steps involved in this process include the following:
- A dedicated team of experts analyzes your merchant account statement.
- A detailed breakdown of the charges on the statement to better understand all the fees you are being charged for.
- The experts will perform an analysis and uncover those charges or fees that are hidden or unwanted
- The team will present their findings along with the recommended solutions
- Will give you a checklist of proposed solutions that will reveal how much money you can save.
Why should you go for analyzing your statement?
Though most merchant accounts will have some basic information about the fees/charges, what you pay ultimately will be calculated based on the processors, equipment, and products you use for the business system. By reviewing and analyzing your merchant statement and through fee analysis, you can keep track of how much you spend and for what it is being used. Fee Analysis is essential as it helps offer a perspective on the bigger picture and can help save money, which is necessary today.
- By checking every fee in the statement, you can understand the various charges and what each means to your business.
- It helps in avoiding overpaying for your payment processing.
- Undoubtedly, this analysis will get you vital information that helps reduce the overall payment processing costs.
- In addition, you could gain better control over the processing fees, enabling you to identify the factors that lead to unnecessary charges.
- Lower your overall monthly payments.
How can Q PaymentZ help you?
We will perform a statement analysis for you. A significant number of merchants need to be more knowledgeable about how much they are paying for their services. We will lend our best support in exploring the opportunities to trim preventable charges from your monthly payment. This empowers us to craft a fee assurance program to help you improve your savings.
Through our initial consultation, we will understand your existing business model and its requirements, work on the statement, and outline a solution to ensure that your money is saved and not spent on hidden charges or overrated fees. We professionally analyze your merchant account statement at a very nominal fee.
What can you expect from our services?
- A clear picture of your merchant account breakdown
- Analyze your fees, and make sure you are not being overcharged and thus improving your profit margin
- Once you know all the charges, you can make better business decisions.
- Allows for changes to be done without the need to switch processors
- Riskless analysis functionality that helps in increased cash flow.
Get started with our Fee assurance program and know how we are the best in the industry to improve your business.
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