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Partnership
A complete post shipping analysis was performed. The results
showed a 9% annual savings rate for UNM, saving the store almost $20,000 in shipping expenses.
Lori Callison + New Mexico
Current News
HOTELENGINE Savings
September 11, 2017
Member Savings Program partners with Hotel Engine, a private hotel booking platform, to connect associations and their members to deeply discounted hotel rates. + read full story

HP Partnership
September 07, 2017
HP Inc. has teamed up with Member Savings Program to offer you the benefit of purchasing high-quality HP Inc. products at discounted prices. HP.com offers a broad line of consumer and commercial products, from notebooks and desktops to printers, accessories and more! + read full story

PENSKE Truck Rental
June 15, 2017
The MSP has added PENSKE Truck Rental as the latest money saving vendor. + read full story

RingCentral added as Cloud Telcom Solution
June 01, 2017
RingCentral added as Cloud Telcom Solution. + read full story

Strategic Alliance Announced
May 28, 2012
Member Savings Program and Industry Huddle partner to assist small and mid sized businesses. + read full story

New Association Partner
January 20, 2012
The Buying Group and the North Carolina Plumbing and Mechanical Association have signed an agreement to have TBG provide it's turnkey association affinity program to the NCPMA and NCPMA members. + read full story

New Savings Programs
October 13, 2011
The Buying Groups' Member Savings Program has added 8 new suppliers to its' ever growing list of member savings opportunities. + read full story

Hearing Health Plan Announced
May 12, 2011
EPIC HEARING HEALTHCARE AND THE BUYING GROUP PARTNER ON MEMBER SAVINGS PROGRAM - Program Helps Members save money on their hearing care + read full story

Grainger Industrial Supplies Launched
January 24, 2011
Members save an average of 28% on Graingers' maintenance, operational and repair products. + read full story

ADP Increasing Discount for members
January 01, 2011
25% off -current and new customers + a credit of up to $400. + read full story

Buying Group of Buying Groups - New Buying Group Alliance Announced
December 22, 2010
New Group Purchasing Organization Alliance means increased savings for members. + read full story

Gasoline Savings Now Available through the Member Savings Program
December 28, 2009
MEMBER SAVINGS PROGRAM PARTNERS WITH MOREGALLONS
TO PROVIDE A SOLUTION TO FIGHT RISING FUEL PRICES
+ read full story

Going Green and Making Money
October 14, 2009
Money for your used Consumer Electronics + read full story

Canadian Credit Card Processor
January 28, 2009
Collective Point Of Sale Solutions added as preferred Canadian Credit Crad Processing Partner. + read full story

Health Insurance now Offered by MSP
November 29, 2008
MSP now offers comprehensive Health coverage. + read full story

New Employee Benefit Announced
September 07, 2008
Comprehensive Wellness Program announced.

+ read full story

SBTV.COM
May 01, 2008
The Buying Group announces newest Partner. + read full story

TBG expands in Canada
January 10, 2008
Payworks announced as first Canadian based supplier. + read full story

WebEx joins the growing list of Savings Suppliers
December 06, 2007
WebEx savings and productivity now available + read full story

NCO added as newest supplier
June 22, 2007
TBG has chosen NCO Financial Systems, Inc. (NCO) as its endorsed collection agency. + read full story

Affinity Solution Announced
June 01, 2007
Outsourced Solution now available + read full story

CEA Newest Association Partner
December 16, 2006
CEA AND THE BUYING GROUP PARTNER ON MEMBER SAVINGS PROGRAM
+ read full story

Gevity added as new supplier
December 10, 2006
Gevity HR Solutions added as newest TBG Supplier + read full story

Webcast Interview
October 28, 2006
Interviewwith the Founder of The Buying Group. + read full story

Lifelock - New TBG Supplier
October 21, 2006
Lifelock, the Identity Protection Services Company, is now being offered to Buying Group Members and Member employees. + read full story

Newspaper Article
October 02, 2006
Buying Group Featured in Sarasota Newspaper
+ read full story

Account Managers Added
September 28, 2006
The Buying Group adds 4 Customer Care Consultants. + read full story

Consumer Site Launch
July 04, 2006
July 4, 2006: TSG Buying Group Inc. has launched the USA Buying Group Consumer site at www.usabuyinggroup.com
+ read full story

NEWS



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Credit Card Processing Nuggets
12/26/2009

Managing your business finances is your responsibility. This applies to every aspect of the business and one often-overlooked area is the payment processing that your company pays for every month.

It is very common for a business to accept the first or second offer they receive when initially setting up your business' merchant account. It is even more common for a business to stay with a company even though they could be saving money, often in the thousands of dollars a year, by occasionally shopping around or calling their provider to see if their rates can be lowered.

Setup right from the start:
Chances are that when you first registered your business you were barraged with a multitude of calls from merchant service providers offering you the ability to accept credit cards and other electronic payments. If you took one of these offers without investigating your other options, you are probably paying much more than you need to be for credit card processing. The best solution for any business, existing or startup, is to shop around for the best deal possible. The best place to start shopping is the internet. With so many payment processing providers in direct visible competition of each other, you are sure to find several good companies, and the best rates available.

Don't lease Processing Equipment:
Purchase your processing equipment outright. Despite beliefs, processing equipment isn't as expensive as many people think, and you will pay many times more for leasing than you will for purchasing. Many businesses have been sold very expensive equipment by the same companies that solicited to their businesses over the phone when they started up. Equipment costs from about $200 for a basic terminal up to $1000 for a high-end wireless terminal, with most common terminals falling into the $250 - $350 range. If you are offered a much higher price, then you are essentially being scammed. Look around on the internet for prices on the terminal you are being offered, you will probably find a better deal and a better company.

Find out if your rates can be lowered:
I don't suggest to immediately go out and find a new merchant service company. It takes work on your part and on your provider's part to setup your merchant account. Most of the time your provider will review your current rates and try their best to lower them if you request it. If they refuse to review your rates, you should find another provider. It is not always possible to get your rates lowered, but a company that will not even do a rate review, is doing bad business.

Be wary of too good to be true offers:
So many times, merchants are pulled away from their existing providers by rates that seem so much better that what they currently have. Later they find hidden and extra fees riddled throughout their merchant account contract. If the rate you are being offered is considerably lower than any others you have hear, or you are offered no transaction fees, you should be wary of the offer. Merchant account providers all have a very similar buy cost on merchant account fees. If one provider seems to be much lower than the others, then they are going to make the money up somewhere else. Why would a provider loose money to have your business using their services?

Know your business accountant:
It is very common for accountants to have personal relationships with payment processing companies, especially if the accountant manages multiple businesses. Often accountants are given bonuses for referring new merchants and for keeping their businesses with the merchant service company. Your business may be paying more because your accountant is getting a kickback from a merchant service provider.

Stay away from the bank:
Banks provide merchant services. Yes, this is true but all but a few very large banks sign their customers with a private merchant service provider. Banks that do not provide their own merchant services, mark up fees from a merchant service provider, so they can also make money on your business. You are basically paying extra for a middle person when you don't have to be. Those banks that do provide their own merchant accounts have much higher fees and poor customer service when compared to merchant service providers. They also have much higher equipment prices and will almost always try and push or force equipment leases on their customers. Let your bank handle your checking account, but keep your merchant account separate.

If you are a retail business, get setup with signature and pin debit:
Signature debit is a relatively new system that gives a much lower processing fee to debit transactions verses credit transactions. A signature debit transaction is when a customer runs their check card like a credit card. Pin debit is where a customer enters their pin number into a pinpad to process the transaction. You will need a pinpad or credit card terminal with an internal pinpad to use pin debit, but you will eliminate your processing fee completely and have a flat rate transaction fee for every pin debit transaction. Studies have shown that about 50% of all plastic transaction are Pin or Signature debit. This means that you can save on 50% of your customer's transactions. The price of a pinpad can be quickly paid for in the fees that you save using pin debit.

Fixed Rates:
Make sure when you sign up that your provider will not raise your rates. The only time that you should see a rate change is when Visa or MasterCard raises the processing interchange rate. This means that Visa or MasterCard raises the amount that they collect from each transaction. Your rate will go up proportionally because the entire industry has to pay this extra amount. No company anywhere is excluded from an interchange increase.

Bundled Rates:
Another very common pitfall is for a business to accept a bundled rate offer. These offers have a very low or zero transaction fee, and an increased processing percentage. If you have a history of processing and statements, a bundled rate 'can' save you money, but if you are a new business you will almost always pay more with a bundled rate. Bundled rates are based solely from your average ticket size. If you have a highly variable ticket size or you are a new business stay away from bundled rates.

Trust your own feelings:
If a company makes you feel uneasy or you feel like they aren't being honest with you, you should trust your instinct. Shop around and investigate the company. There are hundreds of providers out there, so if a company brings up questions, find someone else.

Source: Merchant Equipment Store


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