Case Study : During our most recent Cost Reduction project (June 2009) we identified savings in excess of three quarters of a million pounds (pa) for a small UK card issuer.
Save money now, on your card processing fees
Welcome to the Credit Crunch! Times are officially hard, but in truth, reducing costs has always been high on everyone's agenda.
If you use a third party to process your card base, be that Total Systems, First Data, or someone else, it’s safe to assume that your card processor's invoice is probably one of the largest, if not THE largest, invoice you receive. Then on top of that there are payments to credit bureaus, debit card payment processors, text message providers, plastic production companies, card activation centres, printers and the royal mail.
But once you’ve double checked all their figures, short of renegotiating your tariffs, where do you start if you want to bring those costs down?
This is an area in which SoundHaven Limited has considerable experience. It’s a task which we’ve performed for a number of credit card clients with considerable success. So much so that we're happy to put our money where our mouth is and work on a commission, or a no-win-no fee, basis.
Broadly speaking we usually do the following:
- Identify Suspects – we start with your third party invoices and use our experience to identify some quick wins.
- Initial Investigation – having identified a potential cost saving we quantify it, and quickly assess how easy it would be to realise the saving.
- The Line Up – we present those ideas that appear to be worthy of further consideration are to you, the client, for you to deliver your final verdict.
- Execution – we manage implementation of any changes, or if you prefer, handover to the necessary resource within your organisation.
If you’d rather not spend any more money with your third parties than is absolutely necessary then contact us today to see just how much money we could save you.