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•Case Study: Save Millions In Payment Processing Fees

By Erin Harris, Integrated Solutions for Retailers magazine

How much money does your store spend each year in credit card transaction fees? If you aren't sure, do the math. The numbers may shock you. On the other hand,perhaps you are very aware of the amount your store spends on these fees, and you're considering replacing your payment switch (i.e. a transaction switching solution, which enables retailers to route transactions to the acquiring network of choice [e.g. Visa]). What's stopping you? Is it solution costs? Implementation issues? Are concerns about employee training time stalling your efforts? What if you could save one or two cents per transaction by replacing your payment switch? One to two cents per swipe may not seem like a significant sum until you consider a real world example. If your cashiers swipe 50 million credit cards per year, you could save anywhere from $500,000 to more than $1 million in transaction fees. With significant savings on the line, the question is not, should you reconsider your existing payment switch, but, can you afford not to.

For several years, Casey's credit card transactions were routed from the POS directly to a credit processor then finally to Visa, MasterCard, American Express, or Discover. Ideally, Lewis wanted every credit card transaction, regardless of card type, to be routed directly to Visa for authorization. "We were interested in routing directly to Visa because Visa accounts for more than 50% of our credit card activity," says Lewis. However, routing directly and only to Visa was not an option provided by Casey's payment switch.

Click Here To Download:
•Case Study: Save Millions In Payment Processing Fees

Used with permission from Integrated Solutions for Retailers magazine.