How we saved Theon Global $1,589.00 per month!
Here's how Cathedral helped an eCommerce Nutraceutical company, Theon Global, save $1,589 monthly, which translates to $19,068 annually.
What were their original rates?
It started when Larry Puckett, the owner of Theon Global, first launched his super-successful Nutra brand. He was ready to turn the website on and start selling products but just needed to secure a payment processor so he could accept payments. He was recommended a Payment Processor and quickly moved forward.
The payment processor set him up at the high price of 4.5% + .45 per transaction, with a processing limit and 10% reserve. The payments company stated that his business was high risk and the bank required high rates and strict terms.
Knowing that better rates had to be available for his business, he started looking!
What rates did we get them?
First, he found us, Cathedral Payments. We stood out because we informed him that his supplement business might not be high-risk, and we believed we could significantly lower his processing fees.
Our rate team used our automated system to analyze his most recent processing statement to generate an instant rate quote. This quote is based on several factors: processing volume, transaction count, average ticket size, current fees, and CB ratio.
The results were remarkable. Theon Global's new rate was 33% better, with an effective rate of 2.8 % plus .20 per transaction, with no reserve and not transaction limit.
So, how did we do it?
First, we analyzed his processing data and found that his business was not high-risk and, in fact, very healthy.
Second, our banking partners regularly process payments for Nutra/ Supplement companies, so Theon Global was a perfect customer. Only unknowledgeable and often outdated banks view nutraceutical businesses as high-risk.
Third, we leveraged our book of supplement businesses with our partner bank to secure the most competitive rates. With over 50 Nutra/ Supplement businesses, our partner banks know we only work with healthy companies. Their trust in us allows us to offer even more competitive rates than if a merchant approached them directly.
So, what did Theon do next?
He immediately said yes and asked to switch to us.
We gathered his business information, and their application was approved within 24 hours. He started processing transactions at their new effective rate of 2.8% plus .20 per transaction the next day.
Theon Global is saving an average of $1,589 every month.
What can you do?
Don't hesitate to reach out if you have a similar business and want to know if you can save money on credit card processing fees.
You can see the savings fast with a free rate quote. Just ask!
Reach out at info@cathedralpayments or call direct at (855) 400-4519 today.