FAQs
What is a Merchant Services Cost Savings Analysis?
What is a cost savings analysis for merchant services?
A cost savings analysis is a common price comparison exercise. It typically refers to credit card statement analysis.
This type of comparison is a quick, simple process. It helps your business evaluate how much you’re spending on credit card processing fees vs how much you could be spending with a different merchant processor.
For a basic merchant statement analysis, organizations only need to provide a current merchant processing statement and some basic information about their company.
A payment processing software representative should do the rest of the work by reaching out to merchant service providers for new pricing offers.
Example of a Merchant Statement Analysis
Why request a cost savings analysis for your business?
As a business owner or CEO, you should perform your due diligence by requesting a cost savings analysis any time your business may need one.
It is a simple way to take control of business expenses and companies typically find they will benefit from reviewing their merchant rates and total costs.
A few common reasons to request a cost savings analysis are:
- Those in high risk industries or those with low profit margins (like debt collection agencies) should request a cost and benefit analysis to manage operational costs. This is a common tactic to manage operational expenses.
- Merchant service providers want your business. A cost savings analysis gives your current provider a chance to evaluate and reduce your company’s rates and motivates others to compete for lower pricing.
When should a company request a cost saving analysis?
Business costs can fluctuate for many reasons. If your company is looking for ways to save money or increase cash flow, you should evaluate your processing rates:
- At regular intervals - You should request a cost savings analysis with some frequency to make sure you’re getting the lowest prices possible. Prices fluctuate. Companies that haven’t evaluated merchant rates in some time may be able to take advantage of better pricing than was previously available.
- When processing volume increases - If your company has been processing credit card transactions for a while and your volume has grown during that time, you may be eligible for better rates than in the past. If your business has grown, it could be time for a merchant services statement analysis.
How does a PDCflow cost savings analysis work?
PDCflow offers free credit card cost savings analysis services for merchants who accept credit cards. These are ideal for companies that are interested in lowering their credit card processing fees or getting a new credit card processing merchant account.
Our team can help you identify other ways to reduce operating costs and improve payment workflows too. Along with a cost savings analysis, we offer free consultations with a Payment Expert to evaluate your company’s payment technology and business needs.
Some of the areas we can help you improve your payments are:
- ACH merchant account pricing to offer more ways for customers to pay
- Email and SMS communication options to reach people through the channels they prefer
- Customized QR codes that link to an online payment page. Print them on physical and electronic letters for a faster way for customers to pay
- Esignature capture on contracts or estimates and a payment request in the same digital workflow
- Flexible, convenient payment schedules. Capture payment data once through email or SMS and automate future payments
PDCflow’s merchant service providers
PDCflow is partnered with several merchant service providers that help us find the best rates and the best fit for your business needs. Through these partnerships we can:
- Provide the most competitive and equitable rates
- Save merchants up to 30% in merchant processing fees
- Place merchants in high risk industries
- Provide a stable merchant account without fear of being shut down
Benefits of a PDCflow cost savings analysis
A PDCflow cost savings analysis gives you:
- A low-effort way to evaluate your payment processing rates. Just share a current merchant account statement
- A side-by-side comparison of current rates vs. potential new rates
- A breakdown of savings by month and annually
- A one-on-one meeting with a PDCflow payment expert to discuss your options
Your payment software and vendor partnerships should be the right fit for your business. Let our cost savings analysis guide you in making an informed decision.
Contact PDCflow today to take advantage of this complimentary service and pave the way for more efficient, cost-effective financial operations.
