July 22, 2022
You may have missed the credit card briefing, but not the opportunity
Thank you to the more than 40 people who joined us on our July 21 virtual briefing regarding an opportunity for our Pharmacy/Facility Members to save on their credit card processing fees.
During the free webinar, two representatives from CMSPI, an international specialist in payment processing, gave attendees an overview of what a group purchasing arrangement for our Pharmacy/Facility Members on credit card processing fees might look like.
The presenters explained that CMSPI used APC member-provided data to estimate that the average APC member pays around $0.28 per transaction for credit card processing fees, also noting that this estimate, excluding high risk transactions.
CMSPI then merged its benchmarks for similarly-sized merchants with the APC data to then create a model to show potential levels of savings—depending on the number of participating PFMs—which showed that members could achieve processor margins as low as $0.07-0.15 per transaction. They key takeaway is: the more participants, the greater the potential for savings.
The CMSPI presenters had two requests of APC PFMs that are interested in exploring this opportunity further:
- Fact check the assumptions CMSPI presented
- Collect 1-3 months of invoices as well as provide the name of the current processing software they are using
- Send the above information to Jason Dunn (firstname.lastname@example.org)
While the CMSPI presenters didn’t give a hard deadline for the above requests, they said the sooner the better.
Lastly, Scott pointed out that this group purchasing opportunity is open only to Pharmacy/Facility Members. To learn more about becoming a PFM, please click here.
For those who wish to watch the video recording, click here.