How one of our customers saved $6000 in one day

7 May

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The story I am about to share is true and it could happen to any nonprofit, large or small. It doesn’t necessarily pertain to the use of our platform although our platform certainly would increase the savings and the ROI of any nonprofit on our platform.

Last week one of our customers got a new merchant account that would work with our platform (most merchant accounts do work with our platform-very few won’t) and you guessed it-they were overpaying big time for merchant services. With the new merchant account that we suggested, this RAZ Mobile customer was told by their new merchant account provider that their FIRST YEAR savings would be about $6000!!

Well, there’s 3 reasons for these BIG SAVINGS!

Reason 1 – They switched merchant accounts

Of course this is a big reason but when was the last time your nonprofit asked your bank if the rate you are paying for credit card processing is the lowest they can offer. I ran into a different customer the other day that did not know that the Visa rate dropped last year to 1.35% for nonprofits. When I informed this customer of that they remarked that they wanted to call their bank right away. You can imagine how that call went. As much as your bank says they will serve you, they are one industry that you have to watch closely.

I always advise that nonprofits at least once a year look at their merchant rates with their bank and do 10 minutes of research on the internet about current trends in merchant processing fees for nonprofits.

Reason 2 – There is more competition for your credit card processing business

It seems every week there is a new service provider launching that makes it easier and easier to save money with your merchant card rates. Most of these new service providers will work 10 times harder than your bank and some even offer large credits for getting started with them. Like I mentioned in reason 1-it pays to shop around.

Reason 3 – The online channel is the only one growing (and it’s headed to mobile at a high rate of speed) 

The combination of growing online credit card processing for online donations/transactions means that the savings is bound to grow for all nonprofits. With this being the case, all nonprofits need to consider their merchant processing a place where savings now, and into the future, can be driven.

We were thrilled that the customer in this story was able to make the change to a more cost-effective merchant account. That we drove the change makes us even happier.

As your nonprofit thinks about mobile (what’s there to think about?-you know mobile is something you need to address TODAY!) we hope that we’re on your to-do list along with a call to your banker and some of the new merchant processors out there. Who knows-your savings could be even higher!

Dale Knoop is part of a great team working to make RAZ Mobile a great platform for any cause engaged in fundraising. Any cause can create an content-rich mobile presence, share it through text messages, social media, QR codes, advertising and more and best of all-quickly and securely process donations from motivated supporters. Dale holds multiple patents and applications for patent in the mobile space including advertising, content optimization, geo-targeting and negative QOS.

 

 

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