Found Money in the Lost World of Credit Card Fees

01. Issue

A leading eye care practice as unaware that the fees being paid to process credit cards were “too high”.  They process millions of dollars on credit cards each year and had always accepted the fees shown on the monthly statements without question, having been told by their bank that they had good rates. 

02. Solution

SM2 introduced Merchant Advocate, a firm that analyzes merchant statements and negotiates savings with the current processor.  After finding savings in two accounts, data from all satellite locations, optical shops, and the ASC were analyzed. 

03. Result

With less than an hour of time spent data gathering and then authorizing Merchant Advocate to represent them in negotiations, The Eye Center is now saving over  $37,000 per year.  This is “found money” that boosted net income. Their monthly merchant statements continue to be monitored for additional potential savings.