Environmental Solutions Company
The Client
Realized
20% Reduction
in transaction processing costs, resulting in millions of dollars saved
Streamlined Operations
in their card processing operationss to support consistent monitoring and analysis
Unlocking the full potential of processing and interchange fee savings is pivotal in protecting your financial health. Processing fees, often overlooked, make up a significant portion of the overall cost of handling transactions. Interchange fees, specifically charged by card networks, further contribute to these expenses.
Many merchants, however, miss out on opportunities to optimize their fee structures. The complexity of fee structures and a lack of awareness often result in businesses paying more than necessary. Embracing a proactive approach to identify and capitalize on available savings opportunities can make a substantial difference, which our environmental solutions client can attest to.
The Challenge
Initially, Optimized Payments was hired to do a Payment Cost Optimization project. However, after reviewing 2 years of the client’s processing data, we found that there were significant interchange and processing fee savings opportunities. Further, the Client did not have the best tokenization product, and wasn’t receiving the best service and support.
The Objectives
Identify and recommend initiatives that would reduce client's overall cost of processing credit and debit cards.
Implement web-based analytics to consolidate data from the four major card brands (VISA, MasterCard, Discover, and American Express) and payment processors.
Identify opportunities to streamline card processing operations
The Solution
To improve the Client’s costs and payments infrastructure, we partnered with the Client to develop and execute a Request for Proposal (RFP) for merchant services. We helped identify needed products and services, and invited several processors to submit proposals in writing and in-person. We then reviewed the proposals and provided recommendations. Additionally, we benchmarked and helped negotiate optimal pricing and SLAs with the new processor.
Solutions
Web-based dashboards and detailed analytics
Audit and analysis of current payment ecosystem
Implementing tailored recommendations