Payments processor Elavon has formed a division to help merchants cut costs.
The Atlanta firm, a unit of U.S. Bancorp (USB), said Tuesday that its Professional Services unit can advise companies that accept credit or debit cards on how to qualify for better interchange rates, lower costs associated with chargebacks and fraud, protect data and manage the complexities of so-called Payment Card Industry compliance.
The division has helped merchants worldwide net $50 million in savings, according to Elavon.
"Companies often focus their attention on negotiating rates and fees in an attempt to shave a few basis points off their costs," James Ray, Elavon's senior vice president for global accounts, said in a press release. "The truth is that every payments-related expense analyzed for efficiency and brought under management drives money straight to the bottom line, providing companies with a tremendous opportunity to unleash savings and redirect spending at initiatives that drive growth."
Merchants can hire Elavon's professional services unit regardless of whether they use Elavon's platform to process transactions, according to the company.