Among the lessons learned from the downturn is that saving money can be equally important to increasing revenue. In looking to cut costs, jewelers must be creative -- and careful. If you are considering switching to a new service provider, like that for credit card processing, do your research before you leap into what looks like a great cost-cutting deal
According to Matthew Focht, president of Tru -- a consulting firm specializing in payment processing -- it is important to take a few precautionary measures to insure that the great deal you are promised is what you will get.Use these simple steps to negotiate the best rates on services, like processing fees:
- Avoid companies that guarantee a certain amount of savings. Most companies that offer credit card processing promise huge savings. Many even quote these savings in the form of a proposal. Don’t just take their word for it. Make sure to choose a company that proves -- not just promises -- savings and is willing to review your statements on a monthly basis with you.
- Be wary of false advertising with service rates. One of the biggest issues about the credit card processing industry is that there are few, if any, regulatory agencies. This lack of “policing” lends itself to companies offering one thing and delivering another. Always proceed with caution.
- Get it in writing. Everyone has heard the saying, “If something sounds too good to be true, then it probably is.” However, there are good opportunities out there to save money and get great service. You just need to protect your interests ahead of time. It’s critical to get it in writing. Simply write out your expectations on a separate sheet of paper, attach it to the application as an addendum and have both parties sign it.
Take The Tip:
- As Jewelers of America partner company, Tru is currently offering to reimburse JA member dues to qualifying retailers who switch to Tru for their credit card processing needs. Click here to sign up today.
- For more information about Tru, visit www.jewelers.org/tru, or contact Michael Lepore at [email protected] or by calling 877-878-1777.