How a customer saved over $1,300/month on merchant services fees!
About the Author
Ben He also looks after most of our Australian training, so he's frequently found all over Australia on training missions, attending or hosting our live events, or just meeting up with our clients.
You can get in touch with Ben via our Contact page.
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Aquastack, a dry-stack boat storage facility in Perth, recently switched to one of our new payment modules and saved over $1,300 per month in transaction fees. Let's find out how...
Whenever you have a merchant payment service such as a module to process direct debits or credit cards, there are a number of fees to take into account...
- Firstly, there are the fees charged by the Payment Processing Company to use their processing systems. Some merchants charge a monthly fee and others a per-transaction fee.
- Secondly, there are the fees charged by the bank you use in conjunction with the above. These are called Merchant Services Fees. These are usually a percentage based, per-transaction fee that is on top of the fees charged by the Payment Processing Company to use their system.
In Aquastack's case, it was the Merchant Services Fees that were costing them an arm and a leg (so to speak) each month. With over $54,000 in credit card payments to process each month and Merchant Services Fees of 3.3% per transaction, it's easy to see why Aquastack wanted to make some changes.
Making the switch
Let's see how switching providers saved them over $1,300 a month in Merchant Services Fees...
- OLD PROVIDER: $54,000 a month in credit card payments needed to be processed by Aquastack. At 3.3% per transaction, this equates to $1,782 per month in Merchant Services Fees.
- NEW PROVIDER: $54,000 a month in credit card payments needed to be processed by Aquastack. At only 0.88% per transaction, this equates to $476 per month in Merchant Services Fees.
...the result? Over $1,300 per month saved on Merchant Services Fees (just over $15K a year)! But the often overlooked net result is that if your facility was valued with a cap rate of 9%, then this saving could equate to an extra $175,000 come sale time! What are you doing with your bottom line this month?
Sold? Tell me more about saving on my Merchant Service Fees...
To find out how to make the switch, contact your local StorMan Sales office today!
Regards,
Ben (General Manager, StorMan Australia).
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