Bigger Doesn't Always Know Better...

I have spent so much time talking to people and their companies, from large to small, that I really don't get shocked anymore. We often deal with significantly larger groups and I have to warn junior agents that just because they are bigger, doesn't mean they know better.

"But they have people."

I have spoken to numerous groups at length and just last week spent time with a company that had 500+ stores; and they did the unthinkable: they leased their machines. What is worse, they were setup on a monthly minimum which is only done when you are given a free terminal placement (opposite of leasing a terminal wouldn't you think?), or in essence were double-tagged for the same machines I would have given them for free. In short, they paid a little over $100k in four years that they didn't need to pay.

And it happens everyday.

I use it to help train my people to shoot for the rafters. After all, the brass ring is only there for one reason, so that you will reach for it. However, I also warn larger groups that there is always room to sharpen the pencil. After all, the only way I was in front of a 500+ store company was that they were over paying in the first place.

Per usual there are multiple places to look for corrosion:

Terminal Fees

Terminal Fees for out of date machinery

Contract fees

Additional lines that are unneeded

3-Tier vs. Interchange Plus

Multiple income streams smashed into one account

Mid Qualified Charges

Non Qualified Charges

and finally...

Discount Rate and Per Transaction Fee

Know what you process, how you process, and look for overages. If you can't read your statement, get your merchant provider to explain it and the overages to you. After a while, they will starting popping out at you.