Many of the businesses we serve had previously lost hundreds of dollars on corporate credit cards due to high interchange fees.
If this sounds like you and your business, you’re clearly not alone. Businesses pay as much as 3.25 percent in interchange fees every time they process a corporate credit card. This can amount to hundreds of dollars every month.
An example of this is local Reno business, Digiprint.
Stillwater Payments loves small businesses. Digiprint is one such business. Digiprint opened its doors in downtown Reno 30 years ago. They employ only the most cutting-edge, modern printing technology. Voted Best Print Shop in Reno, Nevada, for seven years in a row, they pride themselves on being family-friendly and customer focused. We especially love their core values – values that match many of our own core tenants. These include integrity, excellence, customer service, and giving back.
Before approaching Stillwater Payments, Digiprint was paying over 3 percent in overall fees.
To lower their fees, we used our Virtual Terminal.
In the case of Digiprint, our Virtual Terminal and Save Smart Guarantee lowered their interchange rates from 3.08 percent to 2.23 percent. The .85 percent Digiprint saves on average amounts to approximately $297 a month.
So how does it work?
There are several functions that make our Virtual Terminal so effective. One is level 2 and level 3 processing. With the ability to accept level 2 and level 3 data, businesses pay lower level 2 and level 3 rates. More data equals lower cost, and our Virtual Terminal is ready to accept all the data you can give it.
Another function tied to our Virtual Terminal is Reverse My Fees.
This program offsets interchange rates by automatically adding a surcharge to the customer’s bill. This surcharge, only charged on credit cards, is a fixed fee of 3 to 4 percent. The Virtual Terminal automatically calculates the surcharge, which appears as a separate line item on the customer’s receipt. This surcharge can eliminate up to 95 percent of fees, saving thousands of dollars in interchange fees every year.
One feature our clients love is paperless reporting.
For example, the people at Digiprint receive their settlement reports via email. This eliminates the frustration of hunting through hard-copy receipts for a specific transaction. The Virtual Terminal digitally saves transaction history and produces organized reports that make it easy to look up transaction history and access important data.
Finally, secure card storage makes recurring transactions easy and painless.
Our Virtual Terminal securely stores card information for every processed transaction. This eliminates the need to reenter the card information for every recurring transaction. For example, take a customer who orders 10 items on a Tuesday. When they call you up on Thursday wanting to buy 12 more, the process will be even quicker and easier than it was before. Saving time is almost as good as saving money. And when customers see easy, painless purchasing processes, they almost always come back for more.
The Virtual Terminal makes accepting corporate cards easier and less expensive, sealing up that hole in your bank account.
Level 2 and Level 3 processing offers lower interchange rates than other EMV terminals. Reverse My Fees makes sure the fees you do pay are mitigated by the customer through a fixed credit card surcharge. Paperless reporting makes finding and keeping track of transactions organized and easy. Secure card storage makes recurring transactions simple, saving time and impressing customers.
Corporate credit cards can cost businesses hundreds of dollars every month – thousands of dollars every year. Our Virtual Terminal can fix the metaphorical leak in your bank account and help you achieve significant savings. There’s no reason to allow corporate credit cards to keep draining your company. Contact us at stillwaterpayments.com/contact-us/ to see what we can do to save your business money.