Why Reviewing Your Payments is Important – Pay By Bank Special
In today’s world of rising operational costs, staying ahead of the competition often means making strategic choices that not only streamline operations but also enhance profitability. One area that often goes overlooked but holds immense potential for cost reductions is payment processing. In this era of digital transformation, the way you handle payments can significantly impact your bottom line. In this piece, we explore the importance of reviewing your payments and how Pay By Bank solutions can be a success for your business.
Unlocking Unprecedented Savings
Imagine a scenario where a business arranges a simple review of their payment methods that deliver savings that were previously unheard of. This is precisely what happened when we recently partnered with a client from the automotive industry. Through our comprehensive payment analysis, we identified a remarkable opportunity for cost reduction.
Using simple but cutting-edge payment technology, we were able to slash their transaction costs related to business card payments by an astonishing 75%, that’s right, you read that correctly – a 75% reduction in transaction costs! Let’s break down the numbers to illustrate the impact of this small change.
Our client had just sold a car for £15,000.00, and the customer chose to pay with their company’s business card. Under the previous payment setup, this transaction incurred a 2% fee, amounting to £300.00 However, had they known about Pay By Bank, the processing fee for the same £15,000.00 transaction would have been a mere £75.00, thanks to the ultra-competitive rate of 0.5%. This simple switch in payment methods translated into a monumental 75% reduction in costs.
The power of a small change; Transforming Cash Flow
The ripple effect of this payment transformation was profound. Our client estimated that by adopting this straightforward change in their business practices, they would accrue annual savings of approximately £117,000.00. Such a significant boost to their bottom line not only improved profitability but also revolutionized their cash flow management. It’s proof that sometimes, even the smallest changes can lead to substantial financial gains.
Harnessing the Power of Payment Reviews
The story of our automotive sector client highlights the critical importance of periodically reviewing your payment processes. With the ever-evolving landscape of financial technology and payment solutions, opportunities for cost savings and efficiency improvements are constantly emerging.
As the UK’s largest independent payments broker, acceptcards® specialise in analysing payment facilities to uncover hidden opportunities for savings and efficiencies. Our expertise can reveal goldmines within your payment infrastructure that have the capacity to boost profits and revolutionise your business’s balance sheets.
We hope that in highlighting the above serves as a testament to the power of payment reviews and the significant impact they can have. By embracing innovative payment solutions like Pay By Bank and proactively assessing your payment processes, you not only reduce costs but also position your business for sustained growth and success in an ever-competitive market.
Don’t wait; get in touch and start your payment review conversation with us today and discover the untapped potential within your own operations!