- Monday - Friday 9 AM - 5 PM
- 43300 Southern Walk Plz #166 Ashburn, VA 20148, USA
- 515 Consumers Rd #210 North York, ON, M2J4Z2, CANADA
- (+1) (202) 902-6226
Telecommunication company
Story
Our client expressed a desire for a more responsive customer experience while reducing operating costs in our discovery meeting with the CFO.
We mapped out the client’s ecosystem and implemented the following changes to increase productivity, reduce security threats, improve customer experience, and reduce expenses.
How we helped
Our firm negotiated with several payment processors, including the one they used on behalf of our client. Three different pricing models were presented for final approval.
As a result, we worked with our client’s reoccurring payment software to automatically debit credit cards monthly and the account updater platform, which updates expired credit cards without contacting the customer directly.
Based on the type of transaction, we optimized the interchange. In addition, we are implementing a new Virtual Terminal platform that all employees in the call center will have access to for the one-touch customer experience,
For the past 14 months, our client has seen an increase in sales. As a result of our efforts, our client was able to reduce 50% of their current processing fees as well as implement new features for online security and detailed reporting.
Generally speaking, this upgraded platform offers senior management detailed reporting and employee management, resulting in increased productivity, increased revenue, and, most importantly, increased customer satisfaction. At the same time, operating costs are decreased.
We have been providing our watchlist service to our clients since 2019; consequently, they have experienced two rate increases that were flagged by us, and our client was able to receive a refund.
Result
Avrage Monthly CreditCard Valume: $1,200,000 USD
Annual processing valume: $14,400,000 USD
- Annual saving $43,441 USD
- NO rate increase since 2020!
- Reduced chargebacks by 78%
What we learned?
Over the past 24 month, online payment processing have increased by 800% due to the COVID19, which is created a fantastic opportunity for retailers. However, in the past 24 months, we have noticed fraudulent online credit card transactions have increased by 48%.
Online businesses tend to pay a higher rate because of the type of transaction they are receiving, which is known as CNP or Online transaction. There is also more risk associated with card not present transactions, which can threaten any online business.
Online businesses stay with their processor by average of two years more than any other industry because of the complexity and cost of integration and chance of downtime for the operation. This also results in a higher processing fee paid by the merchant.
