Helping a Client Reduce Credit Card Processing Fees

During a recent meeting with a client, Aero Machine, LLC, Partner Kurt Kruggel brought up the subject of credit card processing fees. Looking over the data in front of him, he knew there was likely room for improvement. Having identified opportunities to reduce fees for a few other clients, he suggested that it might be beneficial to get a free evaluation from iTransact. We had no idea just HOW beneficial it would end up being!

Our firm was first introduced to iTransact through our mutual independent membership in the BDO Alliance USA. The iTransact Group LLC is a privately held payment-acceptance company based near Salt Lake City, Utah. Their services allow both Internet and traditional brick-and-mortar merchants to accept payments via credit, debit, and gift cards, as well as electronic checks. iTransact processes over a billion dollars per year in transactions for over 20,000 businesses, including brands such as Subway, Big O Tires, and the United Way.

Asking iTransact to run the numbers for Aero Machine was a “good news guaranteed” situation. Either they would identify substantial savings on credit card processing fees or they would confirm that fees from Aero Machine’s current provider were extremely competitive.

After sending in a current merchant account processing statement, iTransact analyzed the fees that Aero Machine was being charged for accepting and processing payments via credit card. What they found was a big opportunity to cut the company’s expenses – savings to the tune of $35-$40,000 per year, and possibly more! Needless to say, Aero Machine President Tom Jaeger was quite pleased!

If your business accepts credit card payments, I highly recommend getting a free, no-obligation analysis of your fees from iTransact to see if you could realize savings. All it takes is sending us recent copies of your merchant card processing statements and we will have iTransact run the numbers. To get started, please give me a call at 574.289.4011 or email tbush@klcpas.com.

Written by: Terry Bush, SPHR - Director, HR Services
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Phone: 574.289.4011, x205