FAQ’s
How much does MerchantFeeSavers charge for card processing?
MerchantFeeSavers does NOT sell card processing nor are we affiliated with any providers or salespeople, nor do we receive any compensation or favors from any providers or salespeople. MerchantFeeSavers is the trusted source all merchants can count on because we are 100% on the merchant’s side. We educate and help merchants so they obtain the best card processing value. The best processing value not only means lower rates and fees, but also means improved terms and conditions, funding cycle, service and other important factors.
How much does a statement audit cost?
MerchantFeeSavers statement audits are free and confidential. No providers or salespeople ever see your statement. MerchantFeeSavers conducts its free and confidential statement audits as a service to merchants.
What does MerchantFeeSavers need to conduct a processing audit?
All we need are a sufficient number of monthly statements and your annual processing volume. The number of statements needed is dependent on your business.
How quickly do I obtain the audit results?
There are a plethora of companies that say they will audit your statement or provide you with an instant rate quote. MerchantFeeSavers does NOT work that way. First, we do not offer rate quotes because we do not process cards and are not affiliated with any providers. We recommend you stay away from any company that states they will audit your statement and offer a rate quote. A MerchantFeeSavers audit is not an instant process. It is an involved process requiring up to 2 hours of time to audit the statements and document our findings for an average merchant. Our audit goes beyond investigating the rates and fees. We review all aspects of your processing which may be causing you higher costs including operational errors, provider errors, systems problems, incorrect information, and other factors. We provide an actual written audit report with our findings plus review the report with you so you understand any and all issues.
What providers do you recommend?
MerchantFeeSavers does not recommend or endorse any providers. Merchants should be very cautious of any company, organization, or website that recommends or endorses a provider or group of providers because there is often money paid behind the scenes for the recommendation or endorsement.
How does MerchantFeeSavers help merchants get the best card processing value?
First, MerchantFeeSavers conducts a free and confidential audit. Because we are not affiliated with nor receive any compensation or favors from any providers, we can be completely honest with our audit results. Sometimes our audit findings show that the merchant did an excellent job in negotiating rates, fees, and other important items. In those cases, we congratulate the merchant and let them know that no further action is required on their part. Sometimes our audits find that the merchant did a very good job of negotiating but there are a few minor issues. In those cases, we provide free advice to the merchant and explain what the merchant must do to correct the issues. These types of issues can easily be resolved by the merchant and we encourage the merchant to resolve them on their own rather than pay MerchantFeeSavers or any other company to resolve them.
Second, sometimes our audits find more severe issues. In those cases, we provide free advice to the merchant to explain what the merchant must do to correct the issues. We allow the merchant to decide if they prefer to resolve the issues or if they prefer to have MerchantFeeSavers resolve them.
Third, should the issues be severe enough that the merchant prefers to use MerchantFeeSavers expertise to work with their current provider to renegotiate rates, fees, or terms, we will do so on the merchant’s behalf. The merchant is always involved and in control of the process and the final decision. MerchantFeeSavers charges a one-time fee that is very reasonable and quickly paid for by the cost savings produced in the renegotiation process. There are no on-going fees or contracts.
Fourth, sometimes merchants wish to change providers for any number of reasons. Should the merchant want to change providers (and it’s always the merchant’s decision) MerchantFeeSavers will conduct a Request-For-Quote (RFQ) with several providers. The bidders know there are other providers bidding to obtain the lowest cost. However, the bidders never know the merchants name or see the merchant’s statement. Also, the merchant is blind-copied on all communications so he/she is involved and aware of all discussions throughout the process. Again, because MerchantFeeSavers is not affiliated with or compensated by any providers, the merchant can choose any provider or their bank to participate in the RFQ. The MerchantFeeSavers RFQ process is time-proven to produce the best processing value. Its methodology causes the less reputable providers to weed themselves out of the RFQ because it requires full disclosure from all bidders. We compile all the data in an easily understandable format. We review the data with the merchant and set up meetings with any bidder the merchant wishes. In the end, the merchant is educated and knowledgeable. The merchant also has all the information to make a solid business decision on the right provider to fit the merchant’s needs. MerchantFeeSavers charges a one-time fee that is very reasonable and quickly paid for by the cost savings produced in the RFQ process. There are no on-going fees or contracts.
Every merchant who has used MerchantFeeSavers is very thankful they did. No matter which process a merchant chooses, rather it is a free and confidential audit, renegotiations, or an RFQ, the number one comment merchants make after using MerchantFeeSavers is that it gave them peace of mind.
What size businesses does MerchantFeeSavers work with?
MerchantFeeSavers works with any size company. We have helped companies processing hundreds of millions of dollars and companies processing just a few thousand dollars. We have also helped companies in virtually every industry.
Does MerchantFeeSavers work with start-up companies?
Yes. We have helped dozens of start-up companies with their card processing. Often, we help start-up over the phone with a free consultation. Sometimes, their needs are more elaborate and require research and direct help. In those cases, we charge a very reasonable consulting fee because we know money is generally very tight during the start-up phase of business.
Can you help merchants select equipment or gateways?
Yes. MerchantFeeSavers is not affiliated with or receive compensation or favors from any equipment, gateway companies, manufacturers, or distributors. Therefore, as with card processing, we can be completely honest with merchants regarding their system needs.
Are there other companies like MerchantFeeSavers designed to help merchants?
There are other companies that call themselves merchant advocates or state that they work on the behalf of merchants. Some of these companies are legitimate. However, some appear to be something else. In fact, some appear to be nothing more than a front for the provider they represent. When dealing with any so called merchant advocate company, the first question a merchant should ask is how they make money? If they receive compensation from providers or card processing salespeople, then you need to ask yourself “Is that company 100% on my side?”
Can I trust a website that rates providers?
There are a couple of decent websites that rate providers. However, it appears there are some that may base their rating on provider compensation or other factors. Also, even if a provider is rated highly, it doesn’t mean they will automatically offer a competitive program to an uneducated merchant. We have audited statements from dozens of providers. Even those that may score high have rates and fees that vary drastically from merchant to merchant.
Should I have my statements audited if my current provider has me in a long-term contract?
Yes. First, the information obtained from the audit will help you renegotiate better rates and fees should you wish to stay with that provider. Second, even if your current provider has an early termination penalty, the savings determined by the audit may prove it beneficial to leave your current provider for one that has lower costs and better terms and conditions.
Is an audit necessary if I already have a low rate?
Yes. Rates are just one piece of obtaining the best processing value. We have audited hundreds of statements that appeared to have low rates but the merchant was still overpaying for the processing services.
