Questions, Questions & More Questions
Here are some of the most frequently asked questions we receive from both our clients and our prospective clients. If you have a question that is not included here, please submit it using our Contact Us form.
- What are your fees?
- Our fees are contingent upon your actual savings. Your savings comes first, our fee second. You pay a percentage of your first year’s savings. You pay nothing after the first year.
- How do you calculate the realized savings?
- We review no less than four of your most recent merchant processing statements and determine what you are effectively paying to process your card activity. By dividing the amount of Visa, MasterCard, Debit, sales volumes into the total amount that you are paying each month, we can determine your Average Effective Rate.
We present you with our findings and we then come to agreement on the Average Effective Rate that will be used. Once you begin receiving statements (after EP Consulting has performed our services), the Average Effective Rate will be applied to your Visa, MasterCard, and Debit sales volumes to determine what you would have paid. We then subtract what you did pay, from what you would have paid, which yields your realized savings
This method ensures that as sales volumes fluctuate an accurate realized savings amount will still be obtained. In addition, the merchant has a say and a comfort level in determining what would have been paid. Prior to payment of the invoice, EP Consulting reviews the realized savings with each client.
- What if there are no savings?
- Then there is no fee.
- How and when do we pay your fee?
- After you receive your first statement following our services, we meet to review and calculate the realized savings. We then issue an invoice for a % of the savings amount.
- What if my processor won't cooperate with you?
- That rarely happens, but it is a possibility. We have at three reputable alternative merchant services providers who have agreed to the terms we are requesting from your current provider.
There is no obligation for you to switch to any of them. You may choose to select another processor or remain with your current provider under the current terms they are giving you.
- How much time will I have to invest?
- Very little; typically you will spend no more than one to two hours. We simply need your recent processing statements and your availability to review and agree to the Average Effective Rate calculated from your statements. We will need your signature giving us permission to request new pricing terms, as well as obtain future statements over the next 24 months.
In some very rare cases we may need your participation on a conference call with your current processor. After you receive your first statement following our services, we spend an additional 15 to 20 minutes to ensure your satisfaction with our results.
- What do processors think about your services?
- It's Mixed. On one hand we are significantly reducing the profitability of the accounts we provide services for, however once we have obtained the terms requested from the processor, the likelihood of you ever leaving is very small. One must realize that every day processors receive hundreds of calls from merchants who threaten to leave because they are receiving quotes (often deceptive quotes) from competing processors. These calls require the processor to spend many hours creating proposals for their clients to convince them to stay.
Additionally, the competing bids are based on complicated pricing models that once again shroud their profitability in secrecy. It isn't just your current processor whose motivation is to maximize profit from your account; it is also the motivation of any prospective processor.
When we work with your processor on your behalf, they don't need to spend much time with us; we know exactly what we want and we ensure it is still profitable for them. In the end, they will probably remain your processor for the life of your business. Customer attrition is a major concern for processors and we actually help stem that.
- What are the possible downsides?
- Not a single one we can think of. If you ask your Controller to look into reducing your credit card processing costs, will there be any downside? No. If you can think of any, contact us, and let us know.
- Why wouldn't everybody use your services?
- Good question! EP Consulting has created a service that can only result in significant, measurable savings. We think it is a no-brainer.
Business owners prefer to save money sooner rather than later, since the money is their own. Competent managers also make excellent money saving/profit growing decisions on behalf of their owners’ interests.
Contact Us today for a free savings estimate: :
1-888-303-0897
You Should Know...
- If we can't help you negotiate better terms and pricing with your existing vendor, we'll provide you with one that will.
- You don't have to be a large company to see significant cost savings. Even small and mid-size firms can be wasting significant amounts of money on credit and debit card transactions.
- Unlike some cost-cutting measures, our's cuts only fat, no muscle.
- Today's wasted money becomes tomorrow's incremental profit.
- There are no up front costs for our services, only savings.