The success of your financial institution is aligned to the success of your small to mid-sized commercial clients, so it’s important to provide them with a payment processing solution that will save them money and help their business grow. If a merchant already has a payment solution in place, it might be a tough sell for your financial institution to get them to adopt a new payment hardware. Paying a few hundred dollars for a new Clover or PAX payment device might seem out of the question for many merchants, but when they see how much they’ll save in credit card processing fees, the conversation quickly turns to closing the deal and getting started. 

Breaking Down the Savings 

When approaching a merchant about switching from their current payment processor to Celero, it’s important to gather as much information about their current processing fees as possible. With this information, your financial institution can run the numbers to see how much money Celero could be saving them if they switched today. Many businesses invest large sums of money in processing hardware and software, so the idea of purchasing a new one from Celero can be a tough pill to swallow. This sunken cost can sometimes loom heavy on their mind and prevent them from making a switch, but after they see the numbers broken down for them, that sunken cost will become a distant memory. The amount of money they save on credit card processing fees can often recoup this sunken cost within a few months or less! 

To give a real world example, a client of ours used to bank with one of our competitors and had spent $4,000.00 on setting the payment system up. When this client revealed how much they were spending per month on credit card processing fees, we were shocked at how high their processing fee was per transaction! To give them a real-world example of their savings, we generated a report of how much they would save by utilizing Celero’s payment solutions. Within one and half months of signing with Celero, this business was able to recoup the $4,000.00 cost of their previous payment hardware, in addition to saving significantly on their monthly processing fees. Over the course of a single year, we saved this client approximately $20,000.00 in processing fees, which was a game changer for this mid-sized company. It’s important to dig into a potential client’s financial situation to determine if Celero products and services will make a difference in their annual expenses. 

Need Help Acquiring New Merchant Accounts? 

If your financial institution needs assistance acquiring new merchant accounts, please reach out to us! We offer multiple bank partner programs that are designed to provide different levels of support. Whether your institution needs minimal guidance or hands-on support and training, we’re here to help! Please contact us today to learn more. 

Annie Astraikis

Written by Annie Astraikis