Understanding Payment Fees-Webinar Recording

Video Transcription

Video Summary

In the webinar, Colin O'Keefe from Merchant Cost Consulting discussed understanding credit card processing and the payments industry. He emphasized the importance of evaluating pricing structures, aiming for an effective rate around 2.25%, and optimizing transactions to reduce fees. Colin highlighted level two and level three processing for business-to-business transactions and pointed out opportunities for savings through interchange optimization. He provided insights on negotiating with processing companies, ensuring compliance, and auditing statements for accuracy. A case study showed significant savings achieved for a client without changing their existing systems. Colin welcomed questions and offered assistance for further evaluation and optimization.

Keywords

credit card processing

payments industry

pricing structures

effective rate

interchange optimization

negotiating with processing companies