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"Coming over from another processor was hard after eight years with them, but [EPI] was great. They taught me a lot about Interchange, helped me earn more bonus money, and every time I have a problem, they are there to help."
Dwight
California
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You've asked for it and we're giving it to you.
When we looked at ways to increase ISO profitability and offer the best ISO program in the market today, one glaring detail many processors were charging was BIN sponsorship fees. So what did EPI do? We eliminated them! We felt that given the competitive nature of this business, it was essential for you to compete directly from Interchange without the markup others charge.
Do BIN fees really exist? Yes! But on a 50/50 profit sharing program, EPI has eliminated them entirely from the program for our ISOs. Our ISOs and other valued sales partners are in the field day-to-day incurring costs to bring on merchants. In many instances, EPI doesn't share in those direct daily costs (gas, phones, equipment, rent, etc.) so we decided to eliminate BIN fees as just another way in which our program is one of the most profitable in the ISO space.
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BIN Fees Do Add Up!
If you look at the graph to the right of this paragraph, you will see the various BIN fees charged and how they add up on the volumes you are processing. At 3 bp BIN, the total paid on each Million Dollars processed is $300! If you add that up (or increase your BIN Sponsorship to, say, 6 bp) you could be paying much larger sums of money. For example, $600 on 1 Million in volume at 6 bp BIN... or over the course of the entire year, $36,000 on 10 Million in monthly volume.
Whether you agree with the need to charge BIN sponsorship or not, the fees do add up and EPI feels that eliminating them from your Schedule A is one of the BEST ways to increase your profitability. If you don't think they add up, simply take a look at the graph to the right. It shows the average portfolio of merchants processing at $9,000 in monthly volume per merchant over the course of a year. In a 1000 merchant portfolio, you will be paying over $50,000 yearly! What if you have a portfolio of 1000 merchants processing double the national average (or $18,000)? On $216,000,000 (216 Million) in annual volume, just a 3 bp BIN fee would cost your portfolio a whopping $64,800 in fees on BIN alone. |
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So EPI Doesn't Pay BIN?
NOT SO. Our unique BIN/ICA relationship at Wells Fargo Bank N.A. does involve sponsorship fees that we pay on every Visa/MC dollar processed. This is the primary way in which a settlement bank will make money. EPI decided after listening to our valued ISO partners to remove BIN fees from our standard ISO programs in order to acheive greater profitability for the ISO and ensure that they were truly able to compete directly from Interchange. The more competitive your ISO program is, the better prepared you will be when soliciting new merchants and competing with even the largest players in the industry. |
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Yeah, but you're just passing it to the merchants!!
NOT AT ALL. Your merchants will be paying exactly the rates that you quote. We are enabling you to compete with the MAJOR players who are quoting directly from Interchange and have the lowest transaction costs. Our reputation was not built up on saying one thing and doing another. With Electronic Payments, you truly have a No Gimmicks program that will increase your bottom line profitability. |
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Well, you must have floor rates or minimum fees?
NO WAY! When we say there's no bull here, we mean it. In order to get zero BIN fees and our 4 cent network cost, you don't need to do any minimums, no floor rates, no minimum fees for mid and non qualified surcharges. Plain and simple, just do what you've always done before - this time, just do it and make more money. Furthermore, our 4 cent transaction fee is ALL IN, meaning it includes Authorization, Capture and Settlement. Smoke and Mirrors? Not here! |
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EPI offers all ISOs the ability to use
our "No Bin... No Bull" program:- Compete From Interchange
Not paying BIN sponsorship will enable you to compete directly from Interchange and even beat out some of the largest processors in the industry. You don't have to walk away from deals anymore. With EPI, no BIN and 4 Cents per transaction enables you to sign more deals.
- Don't Give Up Hard Earned Revenue
BIN fees are an expense - and they are a valid one on many of the best programs in the industry. EPI hasn't eliminated BIN fees from our own processing expenses, but we have decided to not pass any of these costs to our valued partners. The more money you are able to make, the more deals you are able to do, and the faster and larger your businesses grow. EPI wants to be a part of that growth and success, and we feel that eliminating BIN fees is one of the many ways we are ensuring that we are!
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If you need more information, we are available from 9AM - 6PM Eastern Standard Time. Please contact us at 1-800-966-5520 x 221. Or contact us via E-Mail at: sales@elecpayments.com.
You may also request more information about our EPI ISO Program by clicking HERE to learn more.
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