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In 2007, businesses in the U.S. paid over $60 billion dollars for the privilege of processing credit cards. This is a staggering 133% increase since 2001. Not only are more people and business clients using credit cards and bank cards to purchase items, the average cost per transaction is steadily rising.
Financial Mitigation Services has evaluated over 1,000 credit card processing statements from businesses across the country in the past year. Based on a proprietary process designed to uncover excess fees, errors and overcharges that businesses may be paying, the FMS team found that over 63% of businesses have substantial savings opportunities.
The primary reason most business owners pay unnecessary fees and excess charges for their credit card processing lies in the complexity of the billing structure of credit card processing. Most credit card processing statements are filled with a dazzling array of fees, cost categories and charges. For a great majority of business owners, the reasons behind these charges are not readily known. The typical business owner, CFO or Controller does not have the time to understand one of the most convoluted billing structures ever devised. Credit card processing is one of the most complicated and least understood invoices that any business ever pays.
There are now over 150 different combinations of Interchange Rates and/or transaction fees that are determined based on a variety of factors for each transaction:
- Business Industry Type
- Card Type (Standard, Rewards, Debit, etc.)
- Time between authorization and settlement
- How the card info was entered (swiped or hand keyed)
The facts above are the reason that Financial Mitigation Services (FMS) has experienced explosive growth in 2009. Financial Mitigation Services helps business clients across the country uncover excess fees and overcharges on their credit card processing costs.
FMS is not a credit card processor. FMS is an independent expert with over 20 years of executive level experience in the credit card processing industry. We help our clients put specific plans in place with their current processor to achieve the lowest possible costs in this industry.
Do you know how if your business is paying excess fees or overcharges that are not necessary? Call FMS to find out - 1-800-797-5642
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