Where's My Money?
How Big Banks, Card Brands, and Payment Processors Collect Fees
Inform yourself on the cost and fees that come from banks, card brands, and payment processors. Learn the next steps to avoid and counter them.
Download Free Ebook (PDF)Introduction
As an owner, operator, or executive of a business, there are a number of costs that grab your attention, such as payroll, COGS, inventory, and building leases. These categories should attract your focus because you have control over them.
The cost of payment acceptance has been growing steadily for the last ten years; however, very little attention is paid to this line item on the P&L. This cost is very significant, usually at or above the cost of property leases and other fixed costs.
So, why does this particular cost receive minimal attention? There's a misconception that these costs cannot be significantly reduced.
The 3-Step Process
Review and impact your cost of payment acceptance with these three steps
Divide and Conquer
Change your view of credit card processing from a single line item to three categories:
- Interchange or Bank Fees - Collected by the issuing bank (~2% average)
- Card Brand Fees - Kept by Visa/Mastercard (~0.2% average)
- Processor Fees - The "mark up" on your processing
Analyze and Understand
Using AI and human experts, we analyze payment processing statements to:
- Divide costs into the three categories mentioned above
- Check for accuracy and identify hidden mark-ups
- Compare to industry standard rates
- Recommend interchange optimization (0.10%-0.30% savings)
Evaluate and Explore
With all data in black and white, it's time to evaluate your options:
- Review if you've been subjected to arbitrary increases
- Identify hidden costs in your statements
- Explore modern technology solutions
- Create a seamless checkout experience
Important Insight
"Even if you are on flat rate processing, you need to fully understand the estimated interchange and card brand fees for your business type in order to evaluate your current pricing and the mark up you are paying over true cost."
Ready to Take Control of Your Payment Processing Costs?
Our team of experts provides each potential client with a detailed analysis of their current costs and various options to reduce expenses.