Salt Lake City, Utah--(Newsfile Corp. - December 20, 2022) - Verisave, a cost reduction firm based in Salt Lake City, has developed a unique approach to managing a very complicated expense: credit card processing fees. The goal of this approach is to leverage exclusive data and market insight to provide tailored solutions that address the specific needs of each client.
Where many cost reduction consultants rely on power negotiations with vendors, RFPs, and operational improvements, these approaches alone do not achieve significant savings when it comes to merchant account costs. Often, even a company's processing vendor is not able to keep up with the constantly changing, multi-faceted payments industry, or the rule changes that are rolled out by major credit card processors every year. Verisave's goal has been to fill this gap, utilizing industry knowledge and benchmark data, allowing them to update their clients' account settings and access the optimum fee rates.
Doing so requires working in tandem with their clients' processing vendors, rather than beating that vendor up on pricing. This uncommon, collaborative approach to cost reduction results in an additional 15-25% reduction in fee costs, as opposed to price negotiations alone. "For many companies, this is a significant win…especially those who cannot or do not wish to change vendors," Jeremy Layton, CEO of Verisave mentioned.
"While other companies will just go back to the merchant and beat the rates down, we look at exactly how the business is utilizing their credit card processing, audit the account for errors and overcharges, and then make changes to their settings to optimize their processors for future transactions," Jeremy Layton said. "We'll fix all of those overcharges and errors with nothing out of pocket until we bring that money back to our clients. We are in the business of partnerships with clients we work with. We get nothing until they get something."
Through their understanding of the industry, backed by decades of combined team experience, Verisave understands that there are countless ways to lower credit card processing fees. While Verisave works to reduce their clients' costs, they provide full transparency of the existing merchant fees, optimization to the lowest possible rate, all applicable industry and card-type discounts, and even a reduction of interchange fees. A key element of their strategy is ongoing monitoring of their client's accounts to ensure the fees remain as low as possible long-term.
Kent Low, Co-Founder of Verisave added, "It's not just a matter of getting better rates, it's about staying proactive in the face of constant rule changes… changes that can cause a significant cost increase if they aren't watched closely, understood thoroughly, and addressed in a timely manner."
Verisave partners with companies in various industries and business models to optimize their credit card processing fees. While business-to-business credit card transactions are often more complicated and offer more room for improvement and potential savings on processing fees, many B2B retail or eCommerce merchant accounts are subject to similar complexities and would benefit from this optimization.
"Almost every company that accepts credit cards as a form of payment is being overcharged on processing fees in some way. But this can be fixed," added Kent Low.
Utilizing its strategic consulting approach to cost reduction, the firm has been able to save clients over 100M$ in processing fees over the past 5 years.
To learn more about Verisave, visit www.verisave.com.
Verisave is a cost reduction firm specializing in credit card processing fees and merchant account consulting based out of Salt Lake City in Utah. Verisave works with clients to secure significant refunds or reduce average credit card processing fees for merchants by 10-30 percent without switching away from current processors, accounting systems, or point-of-sale technology. They help increase profitability by reducing operational costs with zero risk, upfront expense, and disruption. Verisave prides itself on upholding values like transparency, clarity, and responsiveness with its clients, which is key in a confusing industry.
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