Question:Why do I need FMS?Can't I just negotiate better rates on my own? AnswerFinancial Mitigation Services is not a "negotiator" that collects bids to see if we can lower our clients' costs. A majority of the clients we work with have already negotiated these fees and have a good plan in place for their business. We are an expense management expert with extensive experience in managing electronic payment transactional costs. We go beyond the negotiation process and work collaboratively with your current processor to eliminate unnecessary fees, route transactions to the most desirable Interchange categories and drive down your overall processing costs through the tested procedures we have developed working with every major processing provider in the U.S.
It has become increasingly difficult for businesses to devote the time necessary to understand what they are being charged for and why in this expense category. There are currently over 300 unique Interchange categories that each have an average of 4 to 7 qualifying conditions that determine the pricing for each individual transaction. Do you know for certain if your transactions are being routed into the most favorable Interchange categories? Are you aware of emerging market discount opportunities you may be eligible for? Are you knowledgeable about which discretionary fees you might be able to eliminate? Are you aware of alternative payment methods that may further reduce this cost? Do you have the time and expertise to properly monitor this expense each and every month? We are experts in these areas and devote the time necessary to manage this expense for our clients.
The FMS team is armed with decades of executive level experience in the credit card processing industry, we have studied hundreds of comparative pricing plans nationwide and our analysts stay up to date on emerging technologies and trends that can impact your costs substantially. Just as you likely seek advice from experts who understand the tax code or seek advice from experts in other critical areas that affect your business, we are experts in this cost category.
Question: My business is currently in a contract with a processor. Can I still work with FMS to reduce expenses? Answer Yes. FMS works collaboratively with your current processing vendor to uncover unnecessary charges, excess fees and billing errors. In fact, all clients that we currently work with were under a contract with their credit card processor and we have worked within this environment on every engagement that we are involved in. The difference between FMS and nearly every other individual or company that has approached you on this subject is that FMS does not try to encourage our clients to break their contracts. We work with your processor, we don't try to take your business from them.
Question: How much can my company expect to save? AnswerFMS will analyze your statements to determine if there are significant savings available to you. If there is not substantial savings identified for your company, we will generally not take on the consulting engagement. Every one of our clients saves several thousand dollars each year by utilizing our services.
Question: How does FMS charge for their services? AnswerOur fees are contingent upon your realized savings and our services are offered on a pay for performance basis.We earn a percentage of the savings that we are able to bring to our clients over the length of our engagement. FMS does not receive any fees until there are clearly identified savings agreed upon with our clients.
Question: How do you calculate the realized savings? AnswerWe carefully review multiple recent merchant processing statements and we work with our clients to collaboratively establish what you are effectively paying to process your card activity. After FMS performs our initial services, we begin the process of reviewing the documented savings with our clients. Once the client and FMS agree to the documented savings that have occurred, then an invoice is sent to our client.
Question: What if there are no savings? AnswerThen there is no fee. Financial Mitigation Services works completely on a pay for performance fee structure. Question: What can I expect for my involvement? AnswerGenerally less than hour of your time.We simply need your previous processing statements and your availability to review and agree to the Average Effective Rate calculated from your previous statements.We will need your approval giving us permission to interface with your current processor, as well as obtain future statements over the length of our engagement.In some very rare cases, we may need your participation on a conference call with your current processor.
Question: Will this process hurt my relationship with my bank or my processor? AnswerUnlike other companies that may have approached you to lower your credit card processing fees, our services do not require a change in your relationship with your processor or your bank. We work closely with your processor to identify areas in which your company can save substantial amounts rather than recommend that you change companies. Our only goal is to make certain that our clients are not overpaying in any of the various cost categories that make up the complex billing framework in the credit card processing industry.
FMS assumes accountability for your savings from start to finish - from identifying savings to implementation of our recommendations to auditing and reporting results.