Since the financial crises one of the last wild west frontiers of credit and finance has been credit card processing. Anyone who has ever run a card as a business owner is aware of the mystifying fees, rates, terms, and charges that are slapped onto each transaction and in some cases the whole merchant services relationship. Most companies accept the deal: in exchange and secure payment, you give up between one to three percent, or possibly more, on each transaction. But in IT, where the whole margin might be less than 5%, transactional costs can gut a sale of all of its profit. And despite sophisticated information tools that are available on most financial websites, deciphering a manifest of credit card processing is difficult. Most business owners give up.
In this podcast we learn about how Robert Day, the Managing Partner, of weAudit.com, decided to go from a marketer of these confusing, but very profitable services to building a company dedicated to educating the merchant how he’s being charged, and to help work with the merchant’s existing processors to lower fees, or in some cases to find a better match. A typical ASCDI or eATN member could end up saving thousands.