by Jennifer Guy, Credit Card Specialist

I need a rate review – can you save me some money?
I hear this periodically from merchants who have been with me for a while  Usually, they have been approached by another processor who promises savings and they want to make sure they aren’t  missing out on better rates.  This happened this week when one of Joel’s customers called me.

Rate reviews are completely normal and part of the service we provide.  We review your first statement  to make sure everything has been entered correctly.  We also do rate reviews on the anniversary of your merchant account being opened up.  This way we can make sure you are on the best program for you.

So, I pulled out this merchant’s statement to look for possible savings.  Starting with the usual culprits I asked:

  • Is their effective rate in line with the type of cards they accept (rewards, debit, government, etc) – Yes it is
  • Are they paying any downgrades perhaps for not entering the tax amount in a B2B transaction?  No
  • Are they getting the Durbin bonus on their Regulated Debit transactions? – Yes
  • Are they getting any EIRF transactions because they aren’t entering the address or zip code information?  – No.
  • Are they paying the right acquirer fees from Visa and MC? – Yes

And then I saw their PCI Compliance status – Not compliant!

Right there on the statement is the PCI non-compliance fee, costing them $19.95 this month.  Instead of taking 20 minutes to complete the questionnaire, they are throwing away over $150 every year.

I know I harp on PCI Compliance.  I know that every time you see a column from me in the Clear Computing newsletter it is likely I’m advising you to become PCI Compliant.  But this time, it isn’t only for reasons of security, but for monetary ones.  Merchants work hard to keep their business costs down, and often they overlook this avoidable fee.

Seriously, give me a call.  I can help you get started.  Spend 20 minutes and save yourself some money!

by Jennifer Guy, Credit Card Specialist
office 609-921-3139  cell 908-242-1991


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