Mid-Sized Insurance Company Renegotiates Its Way to $700K in Annual Savings & Centralizes Its Payments

The Client

A mid-sized insurance company renegotiated its payment processes and centralized its data, saving $700K annually. Initially limited to one-time credit card payments, the firm expanded to recurring billing, increasing transaction fees over time. Uncertain about which fees were negotiable or how to affect interchange rates, the company enlisted Optimized Payments for an audit of their contracts and operations, leading to significant savings and improved payments management.
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Optimization Benefits Realized

Organizational Agility

Ability to quickly analyze payments data & produce management reports, saving the treasury team time and resources

$700K

annual savings by implementing Optimized Payments analytics and additional integral strategic processes

Contract 
Negotiation

Educated the company’s team on different fees and fee structures, along with negotiation process and approach

The Challenge

When this mid-sized insurance company started accepting credit cards, only one-time payments were available to customers. As customer demand for credit cards grew, they added a recurring bill pay option to accounts. This resulted in a significant spike in credit card transactions and fees, which only continued to trend upwards over the next decade.

The Background

We knew we wanted lower fees. What company doesn’t? But we didn’t know which fees were negotiable and how much could be reduced. Furthermore, we didn’t know how we could influence interchange.

Lead Accountant

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TheProcess

Optimized Payments conducted a thorough audit of the company’s payment processing contracts, historical data and business processes.

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The Solution

Optimize Interchange and renegotiate contracts

We successfully optimized interchange fees and renegotiated contracts, achieving substantial cost savings and more advantageous terms. By refining transaction processing we enhanced profitability and operational efficiency.

Implement Optimized Payments Analytics

Through an easy-to-use dashboard, the team was able to make sense of their payments data, including determining the types of cards customers were using most frequently and identifying trends in expenses across business units.

Monthly fee summary chart for optimizing credit card processing fees by Optimized Payments, showcasing data analysis to reduce transaction costs and enhance payment processing efficiency.
Optimized Payments dashboard showcasing key metrics for optimizing credit card processing fees, helping businesses reduce costs and improve payment efficiency.
Key Metrics Dashboard for Optimized Payments showcasing detailed analysis for optimizing credit card processing fees, helping businesses reduce costs and improve payment efficiency.
International payment fees dashboard showcasing global transaction data and trends. Optimize credit card processing fees with insights from Optimized Payments.
Optimized Payments dashboard analyzing credit card processing fees, showcasing transaction data and decline rates to help businesses optimize payment processing costs efficiently.
Credit card processing fees analysis dashboard by Optimized Payments, showcasing transaction data and trends to help businesses reduce costs and optimize payment processing.
Visualize detailed credit card processing fee analysis with Optimized Payments. This chart helps businesses optimize transaction costs and improve payment processing efficiency.
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The Results

$700k+

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Annual Savings

Organizational Agility

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Ability to quickly analyze payments data & produce management reports, saving the treasury team time and resources

Decrease Downgrades

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Educated the company’s team on different fees and fee structures, along with negotiation process

The Feedback

We’ve been very happy with the Optimized Payments team. They are incredibly easy to work
with and always willing to add more to their solution to help us as our business evolves. Renegotiating our contracts and optimizing interchange would have been impossible without Optimized Payments.

Lead Accountant

Simplify the Complexity of Payments Data with Visual Tools.

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