Merchant Management Explained
Nexpay charge 10% based on how much we save you, how do we do it and more importantly, why?
There are lots of different suppliers now available on the market and with an increasingly saturated market comes high competition and more and more sales calls to business owners.
With every supplier using different terminology and with terms like ‘Miscellaneous’ and ‘Other Fees’ in use, what chance does someone outside the industry stand at knowing what they’re being sold is actually going to benefit them?
Once switched over to nexpay we store your previous suppliers account tariff. This is then used to define the benchmark or ‘line in the sand’ to measure our success against.
By running a monthly review cross referencing the old tariff to provide an indication of what your fees would have been (Had you not switched) and comparing them against what you are charged now, we can show how much you have saved by switching, every month.
IE, Old indicative fees – New existing fees = savings
Nexpay’s share of the successful savings is 10%.
This is to incentivise nexpay to:
1. Ensure the savings promised are realised
2. Ensure the savings continue (we protect against acquirer rate increases)
3. To motivate nexpay to increase savings
How long do nexpay charge a Merchant Management Fee?
Simply, for as long as we are saving you money.
With the payment industry coming under greater scrutiny and regulations, core costs are changing more regularly. Typically, this results in suppliers increasing their rates to their customers to ensure they are still profitable and making a healthy margin.
If you haven’t suffered a price increase yourself, you almost certainly will know somehow who has.
Managing your account monthly means nexpay keeps an eye on industry changes, passing on the benefits of costs reductions where possible and providing consultancy if underlying fundamental costs change.
I’ve been with nexpay a few years, how do I know my account is still competitive?
A great question and one that is a business owners’ prerogative. For someone outside of the payment industry, this is impossible to know. Meaning from time to time you may be tempted to check if what that salesperson on the other end of the phone is quoting holds any merit.
We not only understand this but encourage it.
Part of our management includes taking any quote and reviewing it against your account and providing the results. These quotes can also act to reset our merchant management ‘line in the sand’ for performance, giving you benefits such as peace of mind you are on a competitive tariff, a potential reduction on nexpay management fees and not having the hassle of migrating providers.
All that is required from yourself is to forward on any quote and let nexpay either find a way to price match, or better the offering.
We do this transparently as it stands to reason, if we aren't saving you money or providing a valued service, clients would leave anyway.