Most businesses do not understand what a cost reduction firm actually is, especially within merchant services. A lot of credit card processing companies disguises themselves as a cost reduction firm, detailing they can lower your credit card processing fees BUT you have to SWITCH to their processing company, software, and system to obtain any savings. Switching should be the LAST alternative, if necessary, in order to reduce your credit card processing fees.

Cost Reduction Firm Vs. Payment Processor

Cost reduction is an exercise practiced within Corporate America to evaluate all of a businesses’ expenses and find ways to alleviate or reduce the costs the business incurs. It increases profitability and lowers costs. Fairly straight forward. Merchant Cost Consulting is a cost reduction firm with a sole focus of lowering a firms credit card processing fees without its client having to make a change to its existing processor, bank, software, gateway, or overall current setup.

A Payment Processor is a financial institution that allows businesses to accept credit card acceptance as form of compensation for the products or services a business provides. Any business accepting credit cards uses a Payment Processor and is charged a percentage of its sales to utilize this type of service. With thousands of payment processors out there, it is difficult to find the correct one and the most cost effective solution. 

The difference between a cost reduction firm and a payment processor is you do not have to switch providers in order to obtain savings. A payment processor’s goal is to have you switch to their system, in order to accept credit cards, and there is a 50/50 chance you obtain savings throughout this process. With cost reduction, you simply stay with the system you have in place, and reduce different markup costs a payment processor is charging your business.

Frequently Asked Questions:

1. Do I need to switch from my current merchant services provider? No. MCC does not look to switch your bank or credit card processor. We obtain your business savings while keeping the current equipment, processor and bank in place.

2. How does the free merchant statement audit work? All you need to do is submit your processing statement and one of our experts will reach out within 1-2 business days in regards to the findings. We typically find savings and hidden fees on 96% of the statements we look at.

3. Are you a merchant services provider? No. MCC is strictly a consulting firm looking to help our clients save as much money as possible on their merchant service fees.

4. What happens if we want to switch merchant account providers after signing up with MCC services? MCC does not require our clients to stay with their current processing company. If you want to switch to a new merchant processing company we are happy to help. We just ask before signing anything in regards to credit card processing you have one of our experts review to ensure the pricing is correct.

5. I am currently under agreement with my processing company, can I still work with your company? Absolutely. The majority of our clients are under contract with their existing processing company when they hire us. We can still find ways to drive down your costs while working within the current contract.