S&S Volvo is a transportation company that has been in business for over 20 years. They offer a full line of new Volvo and Isuzu trucks, parts and service, leasing, and rental options. In recent years, they have seen a significant increase in the number of credit card payments they receive. This has led to an increase in their payment processing fees.
S&S Volvo was looking for a way to lower their credit card fees, improve the customer experience and better support for their internal team. They were introduced to MONA Payment Solutions, an electronic payments company that specializes in helping businesses save money on their fees.
MONA Payment Solutions began by setting up a Discovery Call with S&S Volvo to understand their current payment processing and needs. During the call, they discussed S&S Volvo’s volume of transactions, their average ticket size, and their current payment processing fees. They also discussed S&S Volvo’s goals for lowering their fees and improving the customer experience.
Based on the information they gathered during the Discovery Call, MONA Payment Solutions offered S&S Volvo two options:
- Level 2/3 data optimization program: This program uses more detailed information about the customer’s transaction to negotiate lower rates with the payment processors.
- Compliant surcharging program: This program allows S&S Volvo to charge a fee on credit card payments, which can help them offset the cost of processing fees.
S&S Volvo chose the compliant surcharging program and virtual gateway for online hosted payment page payments. This option saved them over $3K per month and reduced their effective rate from 3.5% to 0.72%.
In addition to saving money on their credit card fees, S&S Volvo also improved the customer experience by offering a more convenient way to pay for their purchases. The virtual gateway and hosted payment page allow customers to pay online through payment links sent via email.
After 3 months of using the new program, S&S Volvo is very happy with the results. They have saved a significant amount of money and they have also improved the customer experience.
Here are some additional benefits that S&S Volvo has experienced since switching to MONA Payment Solutions:
- Increased customer satisfaction: Customers appreciate the convenience of being able to pay online or in person.
- Reduced fraud: The compliant surcharging program helps to deter fraud by making it clear to customers that they will be charged a fee for using a credit card.
- Improved cash flow: S&S Volvo receives payment for their transactions more quickly, which improves their cash flow.
Overall, S&S Volvo is very pleased with the results of switching to MONA Payment Solutions. They have saved money, improved the customer experience, and reduced fraud. If you are a business that is looking to lower your payment processing fees, I recommend contacting MONA Payment Solutions.