It’s difficult to keep up with all of the policy changes affecting Visa, Mastercard, American Express, and Discover. When you’re running a business, it’s even more challenging.
That’s OK. Because I’m here to help you gain control and make smart business decisions. Here are a few tips, but leave the heavy lifting to me.
Lower target interchange costs
When you’re doing business, the biggest priority is making sure all card brand programs are fully optimized and all transactions are clearing target interchange for the lowest possible cost.
Interchange optimization includes correcting downgrades that raise interchange costs, according to CardFellow.
You can choose from bundled or flat rate pricing depending on your goals and business model. Through bundled or tiered pricing, your transactions are routed into three categories, including qualified, mid-qualified, and non-qualified. Each tier has a rate so you won’t have much control over the pricing. The nature of this structure makes it difficult to optimize interchange, which is a bummer. With this model, you’ll need to focus on securing competitive pricing solutions beforehand.
Flat rate pricing, on the other hand, provides more savings in interchange optimization. This type of pricing assigns one rate to all of your transactions and doesn’t fluctuate. However, there are some drawbacks. Since all transactions have a similar rate, you won’t save any money on lower-cost transactions.
Once you choose the type of pricing that’s right for you, we can work together on an optimization strategy for either bundled or flat rate pricing.
Recognize the savings that already exist
Professionals in the home heating and fuel industry already have a big advantage compared to other businesses when it comes to savings. I successfully lobbied Mastercard to reclassify home heating retailers into a low-risk utility processing category, resulting in thousands of dollars in savings for business owners like you! While it’s not every day that a major payment processing change happens like this, we can acknowledge the progress we’ve made and calculate your savings accordingly.
Gain data portability and control
If you don’t have full control of your data, how are you supposed to make the right business decisions? As part of my services, I help you gain access to your data in ways that are most beneficial to your business. For example, you can still control your data even if you decide to change payment processing companies.
For more information about my expert consultation services, visit my website or call (617) 843-5700 today.
