Competitive Quote Evaluations

August 29, 2019

Our client was approached by a processing company that verbally quoted savings of $6,000 annually on processing. Our clients can reach out to us to evaluate quotes. Therefore, our client reached out to us to evaluate the quote and speak with the processing company and validate the promised savings.

We requested the processing company send us a breakdown of rates and fees to validate the savings. The company provided a savings quote (that showed savings) using an average volume and processing rate, but did not include detail on all of the rates and fees.

We followed up again to obtain a detailed breakdown of the rates and fees. The processing company responded that they would not send a savings quote with this detail because a mistake had been made in their savings quote. They stated the quoted savings could not be achieved due to a mistake in industry classification.

We protected our client from a common industry sales tactic of a processing company promising savings that they cannot deliver. Many businesses would have reviewed the original quote, not knowing to ask for further detail on rates and fees and not understanding what these costs should be within the industry. We have a thorough understanding of the rates and fees within the processing industry and are able to more closely evaluate savings quotes.

We are a stand-alone entity, tied only to our clients. We act as our client’s payments processing industry adviser. This means, our clients can trust us to work as in-house processing experts and provide unbiased recommendations.

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