Burr Pilger Mayer (BPM CPA):
The Client
Realized
Improved Rates
after benchmarking BPM’s fees, we helped negotiate better terms with their processor.
21% Reduction
in card processing costs due to improved rates and interchange qualification.
Credit card fees pose a growing threat for many merchants. The complexities involved in understanding and managing these fees demand time and resources that, unfortunately, many businesses find themselves lacking. The consequences of not dedicating sufficient time or resources to mastering credit card fee management can lead to higher transaction costs, cash flow disruptions, and a detrimental impact on overall profitability.
Without a proactive approach to fee management, businesses risk not only financial strain but also the missed opportunity to optimize their payment processes for long-term success. It becomes imperative for merchants to seek efficient solutions or partners that can alleviate the burden of credit card fees, which is why Burr Pilger Mayer reached out to Optimized Payments.
The Challenge
BPM has been accepting credit card payments from its consumer and commercial clients since the early 2000s. As card-based transactions rapidly increased, card processing fees reached hundreds of thousands of dollars per year. In fact, BPM’s effective cost of card payments exceeded 3.00%. Not having the time or resources to learn the payments space, BPM reached out to the independent consultants at Optimized Payments to help them reduce their overall cost of processing credit and debit cards.
The Background
Burr Pilger Mayer is in the business of providing accounting and consulting services, not being experts in credit card processing. Our card processing costs kept going up and we felt we had no way to control them.
Diana Borva, Chief Administrative Officer
The Solution
Proprietary Software
Optimized Payments thoroughly reviewed BPM’s payment processes and statements using its proprietary software, and identified several opportunities for savings while staying with the current provider.
Negotiate Fees & Terms
Optimized Payments was able to benchmark fees based on BPM’s size and negotiate favorable terms with their current card processor and American Express.
Improve Interchange Qualification
After obtaining card processing data, Optimized Payments' consultants worked independently and efficiently, and had recommendations for savings in three weeks, improving interchange qualification for commercial cards.
