A detailed analysis of payment processing costs involves far more than comparing rates. To understand the full landscape, companies need expertise in interchange fees, processor markups, hardware impacts, and software compatibility. A deep dive into each of these areas can take weeks, if not months, when performed internally, particularly for companies without dedicated resources or experience in payment processing.

Key Areas in Analysis:

• Interchange Optimization: Reviewing interchange fees is not simply about identifying a rate; it requires categorizing transactions correctly and identifying patterns that could optimize costs.
• Contract Terms and Liabilities: Each agreement contains hidden costs, early termination fees, and clauses that trigger rate increases. Understanding the intricacies of these terms helps identify potential savings or liabilities.
• Operational Components: Factors like transaction volume, card mix, point-of-sale hardware, and software all impact fees. A misstep in any of these areas can increase costs.

VeriFee’s Approach—A Better Way to Optimize Processing Costs 

Comprehensive Analysis of Rates, Fees & Terms

VeriFee’s process begins with a deep dive into every line item in the processing statement, from rates to hidden fees. We evaluate:

• Processor Markups vs. True Cost: VeriFee identifies markups and highlights where savings are possible.
• Comparing to Industry Standards: Our proprietary benchmarking tools compare current rates to market averages, illuminating cost-saving opportunities.
• Rate Optimization: With in-depth knowledge of how interchange fees work, VeriFee helps clients secure the most advantageous rates based on transaction mix and volume.

Components of Contract Review:

• Hidden Clauses and Conditional Terms: Terms like automatic renewals, cancellation fees, or adjustments tied to transaction types can lead to unexpected costs.
• Reference Side Documents: Many processing agreements reference separate documents that contain additional terms. These references are easy to overlook, but they often house clauses that can negatively impact the business.
• Accuracy Check: It’s essential to confirm that all negotiated terms appear accurately in the final contract, from rates to transaction limits.

Without a proper analysis, companies risk allocating internal resources to negotiation efforts that end up costing more in added liabilities and unforeseen fees. VeriFee’s detailed analysis reduces the resource strain on the client’s side and uncovers valuable insights that increase the chance of a successful negotiation outcome.