Question 1

What services does Correct Fee provide?

Accepted Answer

Correct Fee is a cost reduction firm that specializes in reducing credit card processing fees. Our proprietary process maximizes savings by addressing every fee component, including processor fees, interchange, and card association fees.

Question 2

Is Correct Fee a card processor?

Accepted Answer

Correct Fee is NOT a card processor, we are a cost reduction firm that specializes in reducing credit card processing fees.

Question 3

How much can Correct Fee typically reduce credit card processing fees?

Accepted Answer

On average, Correct Fee can reduce fees by 10-30%.

Question 4

What types of companies can save money on processing fees?

Accepted Answer

Correct Fee's team has successfully identified and extracted savings for large and small companies across a broad range of industries. Any company that accepts credit cards has cost savings potential.

Question 5

Does my ability to realize savings depend upon which processor I use?

Accepted Answer

Correct Fee's ability to implement our proprietary process and deliver savings is not dependent upon which processor you use. In fact, our team has worked with hundreds of processors over the years.

Question 6

Do I need to change processors or business processes to realize credit card processing fee savings?

Accepted Answer

Correct Fee's process does not require clients to change processors, business processes or customer experience to realize savings. We extract savings by making micro-adjustments to the back end of the merchant account.

Question 7

Will Correct Fee's cost savings process impact my ERP system?

Accepted Answer

No. Integrations with your ERP and other systems will not be affected or disrupted in any way. Correct Fee works with your card processor to make adjustments on the back end of your merchant account.

Question 8

I want to find a new card processor – can Correct Fee help with that?

Accepted Answer

Yes, if you would like to change processors, Our Team has worked with hundreds of processors over the years and can identify one that meets your company’s unique needs. We can also advise you on the implementation process.

Question 9

How does Correct Fee's gain-share fee structure work?

Accepted Answer

Correct Fee only gets paid if you realize savings. We receive a percentage of your savings, there are no up-front charges or consulting fees. Our fee is due after your savings are confirmed each month.

Question 10

How does Correct Fee’s cost reduction process work?

Accepted Answer

The process starts with a complimentary savings analysis to identify and quantify cost savings opportunities. If you then engage Correct Fee, our team will develop and implement a customized savings methodology, which includes continuous monitoring, analysis, and re-optimization of your account to maximize savings.

Question 11

What is the complimentary cost savings assessment – how does it work?

Accepted Answer

If you provide a copy of your merchant statement, in 3-5 business days, our team will identify and quantify your cost savings opportunities. There is no charge for this service.

Question 12

How long does it take to realize savings?

Accepted Answer

Our team can typically implement savings within six weeks.

Question 13

How are savings calculated?

Accepted Answer

After reviewing your current merchant statements, our team will establish the baseline rates you are currently paying. Once the savings methodology our team has designed for your company has been implemented, we will compare the new rates to the baseline rates to calculate your savings.

Question 14

Is overcharging of credit card processing fees common? Why does it happen?

Accepted Answer

Companies are typically overcharged 10-30% because of numerous factors including account setup errors, junk fees, transaction misclassification and improperly applied discounts. Most companies do not have the internal expertise to identify and fix these problems.

Question 15

I negotiated a good deal with my card processor – how can there be any additional savings opportunity?

Accepted Answer

The fees you pay your processor represent about 10% of your total card processing fees. Most of the fees go to other entities, including banks that issue the credit cards used, card association fees, etc. Your processor has no control over these other fees, nor does it have the expertise required to identify ways to reduce these fees.

Question 16

Your website says that you may be able to recoup errors and overcharges from previous months or years. How does that work?

Accepted Answer

If you provide us with your contract with your present processor, our team will analyze it to determine if you have been overcharged.  If so, our team will begin the process to obtain a refund for you.

FAQ's

Frequently asked questions