Manufacturing Credit Card Processing
Location: Boston Massachusetts
Brief description: A company based out of Boston, MA currently accepts credit cards. They were paying roughly $31,000 per month in credit card fees. They would accept credit card numbers over the phone enter them into a virtual terminal and process the credit card or check. MSCG was asked to provide a detailed analysis of our findings inside of their statement to determine if we could save them money on their credit card processing.
Solution: By using the 18 years of knowledge and our attention to detail, we were able to determine that a group of credit cards were being entered in a way that the cards were downgraded (became more expensive). In order to qualify for the lowest possible fees, merchants need to enter all of the information that is asked.
Conclusion: Once we discovered that these particular cards were the problem, we offered a solution which would save them roughly $3,600 per month. In rare cases we can find cards that are not being classified in the correct manner simply because the previous merchant services provider did not look into the type of cards their merchant takes. This happens to be one of those cases and it saved over $40,000 a year.
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