SOUTHBURY, CT--(Marketwire - May 31, 2012) - With most businesses heavily dependent on credit card processing for payments, the transaction processing industry is stacked a mile high with third party vendors that take a piece of the action. Understanding and re-evaluating what you are paying for and who you are paying is essential, says Brian Miller, president and COO of Expense Reduction Coaching® (ERC).
"This is one of the highest percentages of savings a company can experience in any one indirect expense category," says Miller. "With a little analysis and negotiation, up to 40 to 50 percent savings can be realized."
Credit card usage for business owners is often two fold. They use cards as a form of payment to keep the business running, and they accept credit cards as a form of payment for the products and services they sell. However, there is an implicit understanding that the rates and fees that were initially negotiated are still in place.
"This is not true," says Miller. "Organizations with a high transaction volume or a high percentage of credit card payments should have their monthly invoices and fees examined by a professional closely. Savings can be realized in the application, programming, equipment and set up fees."
Business owners can oftentimes negotiate with transaction processing companies for free setup and equipment, which can equate to a $500 to $1,000 savings. And asking for the account and monthly fees to be waived saves additional money. And, the fees charged per transition can often be reduced by as much as $0.10 per transaction.
Over time, these are significant savings for business owners, especially in a challenging economy. To help clients achieve savings in credit card processing services, Expense Reduction Coaches work with clients to review processing fees and can typically generate a savings of 20 to 35 percent.
"Many business owners want to find ways to cut costs but don't have the time, energy or man power to do it, or do not have the in-house expertise to review these indirect charges," Miller said, suggesting that business owners look outside for professional cost cutting experts who are trained in this area. Reducing the cost of doing business will not just decrease expenses; it will increase a company's cash flow.
ERC's cost reduction program has been in use since 1993 and has been directly responsible for generating significant savings for corporate clients in many industries.
To learn more about Expense Reduction Coaching visit www.ercsaves.com
About Expense Reduction Coaching®
Expense Reduction Coaching (ERC) has been established since 1993 and is directly responsible for generating significant operational savings for corporate clients in many industries. ERC targets "indirect and consumable" expense categories and identifies the most common profit leaks. ERC's goal is to negotiate and generate long term savings while using their client's existing and alternative sources. ERC is ranked on the prestigious Entrepreneur Magazine's 2012 Annual Franchise 500 list. ERC is a business coaching brand of Franchise Source Brands International (FSBI). To learn more about Expense Reduction Coaching visit www.ercsaves.com
Contact Information:
Contact:
Cynthia L. Schick
CLS Communications
(980) 245-7145
Cynthia@clscommunications.net