Reviewing a Turbulent 2020
There’s no question that 2020 was full of challenges for Logistics and Supply Chain Management, and these challenges are bleeding into 2021. But with the strength and fortitude of the American spirit, we will Evolve, Adapt, and Overcome!
At Evolve Payment, we’re often working with Controllers and CFOs to help manage their merchant processing and internal process for their cash flow. We’ve noticed far too frequently that one of the most critical pieces, payment processing expenses, is often overlooked but has a tremendous impact on the bottom line. With the card associations constantly changing and increasing every April and October, it’s more important now than ever to examine your available costs and actions to mitigate these fee increases. As we move through the pandemic, companies need to review all of their expenses to ensure maximum profitability. Many times, merchant processing fee reductions make a positive impact on our customers.
Due to the Covid-19 pandemic, we’ve seen an explosion in the e-commerce sector, which has directly impacted merchant costs for third-party logistics (3PL) companies. Fortunately, we have experience working with Fortune 500 3PL companies to help reduce costs and integrate merchant processing to continue the streamlined process necessary to the transportation industry. With our software integrations and ability to work side-by-side with their IT departments, we successfully manage their process, reduce admin time, assist with security issues, and identify chargeback solutions.
Our Merchant Processing Expertise
Our team recently had the opportunity to work with one of the top global transportation and logistic companies. They came to us with a dilemma: they outgrew their banking relationship and lacked access to knowledgeable customer support in the B2B payment processing sector. B2B payment processing is constantly changing, and they realized that they needed an expert to help navigate the recent changes. After many months of analysis, we determined they were not getting large ticket pricing, the MCC Code was not accurate, and many of the interchange categories were not qualifying correctly. By making a change to our interchange management program, we’ve successfully moved them to our platform, integrated the tools necessary to monitor the account daily, and have saved them hundreds of thousands of dollars.
A Successful Partnership
Our team was instrumental in working with their IT department and ensured that customer data and tokens were successfully updated and transferred. This migration resulted in zero downtime, better security, and complete pricing transparency in our new system. We started offering 30/60/90 day account reviews, and we now meet quarterly to discuss any industry changes that may affect their process. We consider this a win!
Looking Towards the Future
We’ll continue to see advancement in supply chain management, and we want to be your resource when it comes to effectively managing merchant processing needs.
With our experienced team and ability to evolve quickly in a constantly changing market, our goal is to ensure you can always get integration assistance and collect payments, regardless of the software. Achieving Level 2 and level 3 processing rates has become much more accessible, regardless of which ERP or accounting systems you have integrated.
To find out more about how we can help enhance or evolve your program, please send an email to our B2B merchant processing representative, Chad Helgemoe at Chad@evolve-systems.com. . Your cash flow is our priority; we have some pretty amazing success stories you’d love to hear about!