Case studies

Elimination of inconsistencies and dormant MID’s

PROBLEM

This practice’s major pain point was that they did not have any efficient resources to monitor costs or systems management. 

They were drowning in fees arising from their 100+ merchant accounts and 400+ terminals. They did not know how to manage their fees and in fact, even where to start looking! 

SOLUTION

We were able to uncover 30+ dormant MIDs that were still drawing fees and close those accounts, streamlining their 400+ terminals to maximize efficiency. We moved them to a new processor that could enhance their PCI compliance and data security environments to stop the bleeding from non-compliance fees.

We cleaned up the past inconsistencies and provided the with a clear path on what to monitor going forward.

RESULT

We were able to identify $500,000+ in annual cost savings due to closing the dormant merchant accounts and ensuring their PCI compliance and data security costs. We continue to provide quarterly cost audits to review rates and services and applicable industry updates.

Utilizing a custom integration to uncover significant cost savings

PROBLEM

One of this company’s largest pain points was that they didn’t have a process to monitor credit card processing and merchant fees. They had done a lot of research on their own but still could not understand the data they were receiving.. They had spent considerable time and resources trying to integrate their banking solutions with their custom integrations. 

SOLUTION

We conducted a thorough analysis and found that their bank had not made them aware of industry rate downgrades, which resulted in potential cost savings of $700,000+. We also provided guidance on how to integrate their banking solutions with their custom integrations to streamline their financial workflows.

RESULT

We were able to support their current integration with minimal development work and no changes to their customer experience and internal AR process workflows. We are providing quarterly cost audits to review rates and service and applicable industry updates.

Not only were we able to save them in processor fees, we were able to help them mitigate the impact of the major industry rate increases.

Analysis of shipping contracts and optimization

PROBLEM

The sporting goods manufacturer had been experiencing high shipping costs, which were eating into their bottom line. Despite their efforts to negotiate with carriers, they were struggling to find meaningful cost savings. They knew they needed help to reduce their shipping expenses and improve their profitability.

SOLUTION

Vendor Choice conducted a thorough analysis of the manufacturer's shipping contracts and identified areas of optimization. Our team worked to negotiate better pricing on behalf of the manufacturer, resulting in significant cost savings.

RESULT

With Vendor Choice's help, the sporting goods manufacturer was able to save over 1 million dollars annually on small parcel shipping. This freed up capital that could be used for other business needs and improved the manufacturer's bottom line.