Posted by Michael Chichester, Payment Processing Team Leader
Recently I have been working with a large sporting equipment supply company to help them save money on their credit card processing and become PCI Compliant. This merchant has 12 different companies (or DBAs) running in M.O.M. on 65 workstations. They sell multi-channel – Mail Order, Phone Order, Internet Order through SiteLINK eCommerce, as well as Retail Card Swipes through the Point Of Purchase module.
The owner wanted to find a way to significantly reduce the fees they are paying each month for credit card processing. The owner also wanted to ensure that the solution supported their efforts to become PCI Compliant by the July 2010 deadline. Starting in July, all merchant banks must ensure that their customers are PCI Compliant, especially their new ones (hey, that sounds like a great topic for my next blog!). Anyway, this company did their due diligence, securing several quotes from local merchant service providers before calling me to discuss the issue. Since we get our bundled packages through First Data Corporation, which is one of the leaders in the PCI Compliance movement, I immediately thought they would be a good fit. I informed them of our bundled package option which is compatible with MOM 6.2 (and higher).
I asked that they send me the last 3 months of merchant account statements as well as the quotes they received from the various merchant service providers in an attempt to get them an even better offer from First Data. I performed a full cost analysis and side-by-side comparison of the offers. Then I called our rep at First Data to see what they can offer this merchant in an attempt to help them reduce their costs and support their PCI Compliance efforts. They offered a greatly reduced Gateway fee for all 12 of their companies on top of offering the best price for the merchant accounts. Needless to say, it was the highlight of my week to be able to help this customer save over $1000 per month right off their bottom line.
The end result is that this company is now paying significantly lower fees for their 12 merchant accounts as well as paying virtually nothing for the 12 Gateways. In addition, they are now with a merchant service provider who is a leader in the PCI Compliance movement. The cash saved on Credit Card Processing fees will come in handy when budgeting for future projects, hiring a few extra employees, or to upgrade equipment in the office. For anyone out there looking to put cash back in their pocket, I strongly recommend exploring the Dydacomp Bundled Package.