Keywords

merchant services, credit card processing, business costs, fee passing, cost savings, healthcare, high-risk industries, business management, financial advice, entrepreneurship

Summary

In this episode of the Dental Business Hub, Cheryl McKenna discusses her journey into the merchant services industry and the importance of managing costs for businesses. She explains how her company, Merchant Advocate, helps clients save money on credit card processing fees without changing providers. The conversation delves into the concept of fee passing, its implications for businesses, and the importance of understanding client bases. Cheryl also shares insights on navigating high-risk industries and the potential for cost savings across various sectors. The episode concludes with a discussion on the future of merchant services and the importance of expert guidance in financial decision-making.

Takeaways

Cheryl McKenna has been in the merchant services industry since 1997.
Merchant services are essential for businesses to manage costs effectively.
Fee passing can be a controversial topic among businesses.
Understanding client bases is crucial when implementing fee passing.
Businesses can save an average of 29% on processing fees without changing providers.
High-risk industries can also benefit from merchant services.
It's important to evaluate credit card processing fees regularly.
Cheryl's company only gets paid if they save clients money.
The conversation emphasizes the importance of expert guidance in financial decisions.
Ongoing savings from merchant services can significantly impact a business's bottom line.

Contact
Cheryl McKenna
Director of New Business
[email protected]

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Cheryl: http://tinyurl.com/Transaction-Fee-Negotiations

Titles

Navigating the World of Merchant Services
Cost Management Strategies for Businesses

Sound bites

"It's low hanging profit."
"We handle 90% of the work."
"It's straight up profit."

Chapters

00:00 Introduction to Cheryl McKenna and Her Journey
03:09 Understanding Merchant Services and Its Importance
05:57 Cost Management in Business: The Role of Merchant Services
09:01 Fee Passing: Pros and Cons for Businesses
12:01 Navigating Credit Card Processing Fees
14:55 Evaluating When to Switch Merchant Services
17:58 Expanding Beyond Healthcare: Merchant Services for All Industries
21:02 High-Risk Industries and Merchant Services
23:55 Conclusion and Future Insights