FAQs2023-06-20T20:10:04+00:00

Get the Straight Facts

Main Facts

What do I need to get started?2023-06-12T02:41:44+00:00

To get started you will need to fill out a simple questionnaire and securely submit a copy of your most recent credit card processing statements. Once submitted, we will start on the analysis and provide a presentation on our findings and results.

Is VeriFee a credit card processor?2024-09-24T16:07:09+00:00

No. Payment Brokers is not a credit card processor. We are a broker that helps companies negotiate with their existing provider or can connect merchants with their choice of processing service providers. The processing agreement is between the merchant and the processor directly.

Do you work with brand new accounts?2023-06-12T02:50:44+00:00

Yes, we can help you look at all options and help you select a processor that is right for your business.

How long does the negotiation take?2023-06-12T02:41:44+00:00

Every company is unique, and depending on the size and scope of the project, underwriting requirements the timeframe can range from 1 week to 3 months.

What if I’m in a contract?2023-06-12T02:41:44+00:00

Every merchant has a contract with the credit card processor, what matters most is the term of the contract, its conditions, and the value of the contract. Many service providers are lenient on contracts in order to prevent the loss of an account long-term.

What kind of companies does VeriFee work with?2024-09-24T16:07:59+00:00

We can work with any size company and almost every industry. However, we do not work with Adult, Casino or Gaming, MLM, or other high-risk or high chargeback category businesses.

Can I negotiate with my processor directly?2023-06-12T02:41:45+00:00

YES! Actually, there are hundreds of articles online on how to analyze your processing statements, books written on how the processing business works, and public information published by all card brands on interchange. You can utilize this information to help educate yourself on pricing, evaluate your existing pricing, and contact your ISO/agent or acquirer directly to discuss your pricing.

Here is a link to a great starter book: https://www.amazon.com/gp/product/0982611668

However, DIY negotiations have some major hurdles to achieving the best results which include;

  1. Understanding interchange and individual transaction classification
  2. Knowing the rate and fee structures, hidden fees like BIN, assessments, and transaction fees
  3. Contract terms, points of negotiation, and the likelihood of certain negotiable points
  4. Profitability of the ISO or ISV (helps to understand what credit card processors and software vendors are willing to accept)
Does you sell or lease equipment or POS systems?2023-06-12T02:41:45+00:00

NO! We do not sell, lease or profit from the sale or use of hardware/equipment, software or POS systems. As such, we also DO NOT service or maintain equipment. We are happy to make recommendations but we do not have any business arrangements with these hardware and software providers.

How much money do I actually save?2023-06-12T02:41:45+00:00

Savings can vary greatly depending on your processing revenue, the volume of transactions, the complexity of your payment infrastructure, and current pricing. Payment Brokers will only work with companies that save a minimum of $100/mth. However, on average, our customers save significantly more.

How does VeriFee make money?2024-09-24T16:07:20+00:00

Since there is no money out-of-pocket expense for our clients, we often get asked how we make money.

There are 4 main areas where payment brokers can earn money.

  • Splitting the savings. If our clients decide they want our help to negotiate the savings on their behalf, we calculate the monthly savings based on a monthly analysis and split those savings with our client.
  • Contract placement & referral fees. Although many of our clients stay with the same service providers, in the event that a new service provider is selected or requested by the merchant, we may be able to receive a referral fee from the service provider of our client’s choice.
  • Stand Alone Statement Analysis or Contact Review Services. For companies that do not decide to use our negotiation or contract placement services (no cost), we can offer a stand-alone, monthly statement analysis or contractual agreement review for a fee.
  • Custom Payment Technology Development Services. Payment Brokers has years of coding, development, and integration experience and has deployed complex payment systems for clients that can be contracted as a service.

Analysis

How long does it take to do an analysis?2023-06-12T02:46:14+00:00

A standard financial analysis can be completed in less than 1 business day, but a full analysis can vary depending on the scope and complexity of the initial analysis.

Is any sensitive information required to do an analysis?2023-06-13T01:31:14+00:00

No sensitive information is required to do a statement analysis. All that is required is a copy of your original credit card processing agreement and credit card processing statements. These statements do not have any identifying information like bank account information, credit card numbers, or other person or business information outside of the merchant ID.

For publicly traded companies that believe these documents fall under MNPI, we are happy to sign NDAs with covered persons and entities disclosures.

Can I do an analysis myself?2023-06-12T02:45:28+00:00

In order to do your own self analysis it would does require significant knowledge and insights on the industry, processes, rate and fee structure, interchange and ISO/acquirer hierarchy and profitability, contract terms etc…

What is reviewed in an analysis?2023-06-12T02:45:09+00:00

Our full analysis goes beyond just rates and fees to look at the business as a whole, identifying areas to mitigate risk, streamline processes and overall reduce expenses associated with processing. Here is what to expect in a full review (where applicable)

  1. Pricing
  2. Contract
  3. Payment Process
  4. Technical & Integration
  5. Regulatory & Compliance
  6. Risk
Is monthly statement analysis is also offered?2023-06-13T01:33:13+00:00

Yes, we offer ongoing statement analysis called VeriFee (Monthly Monitoring) for free to our RightRate (Negotiation) service customers.

What does it cost to do an analysis?2023-06-12T02:44:00+00:00

The first statement analysis is completely free. Ongoing statement analysis is free for our RightRate negotiation service customers. Fees for stand-alone statement analysis are dependent on the complexity and length of each statement.

What is required to do an analysis?2023-06-12T02:43:20+00:00
  1. A simple Q&A about the company, product, and payment acceptance process, software, hardware.
  2. Copies of your credit card processing statements.

Cost Reduction Solutions

Our AI and machine learning tools empower us to swiftly and accurately analyze our clients’ contracts and credit card processing statements, uncovering invaluable insights that we leverage to optimize outcomes and deliver the best possible results for our customers.


Learn more about Ai.nalysis

We leverage insights from AI-powered analysis and over 20 years of payment industry expertise to secure optimal terms and cost savings that impact your bottom line.

Learn more about RightRate

Our comprehensive monthly monitoring service safeguards your contract pricing, maintains transparency and accountability from your processor and proactively uncovers new opportunities for savings.

Learn more about VeriFee

Payment Brokers has over 20 years of payment industry knowledge, deep technology and integration experience, and proven success in negotiation.

Learn More About People-Powered Consulting.

Ready to Talk Payments?

Negotiation

What do you need from us to negotiate with our processor?2023-06-13T01:40:37+00:00
  1. Initial analysis requires copies of your credit card processing contract and recent statements.
  2. Review and approval of the initial savings report.
  3. Agreement and contract to negotiate on your behalf.
  4. Final approval of the updated pricing and terms.

 

What happens if the negotiation is not successful?2023-06-12T03:04:01+00:00

In the rare instance that we are unable to negotiate, we will give alternative solutions to how the savings may be achieved, where applicable.

How much do you charge to negotiate?2023-06-12T03:01:21+00:00

Our fees for negotiation, management, monthly analysis, and reporting are a percentage of calculated monthly savings for a set period of time. During the initial analysis, we can determine what percentage and time frame is equitable to be able to achieve the savings and maintain the monthly review and analysis reporting.

Do you work with brand new accounts?2023-06-12T02:50:44+00:00

Yes, we can help you look at all options and help you select a processor that is right for your business.

Monitoring

Is any sensitive information required to do an analysis?2023-06-13T01:31:14+00:00

No sensitive information is required to do a statement analysis. All that is required is a copy of your original credit card processing agreement and credit card processing statements. These statements do not have any identifying information like bank account information, credit card numbers, or other person or business information outside of the merchant ID.

For publicly traded companies that believe these documents fall under MNPI, we are happy to sign NDAs with covered persons and entities disclosures.