80% of businesses that use Bankbrokers’ benchmarking services remain with their existing provider but on improved terms. Neil Fillbrook FCII shares the top tips and several best practice points to remember when renegotiating payment processing fees.
Merchant services benchmarking compares a business’ merchant services rates and fees to those of other companies in the same industry. This can be a helpful way for businesses to identify areas where they may be overpaying for their merchant services and to negotiate better rates with their current provider or switch to a new one.
There are several benefits UK businesses can gain by benchmarking their payment processing costs and renegotiating their rates with payment service providers.
Often, these improvements take place without needing to move payment processors. For example, 80% of businesses that use Bankbrokers’ benchmarking services remain with their existing provider but on improved terms.
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