Welcome to the latest episode of GrowOrtho, brought to you today by Hip Creative. In today’s episode, we welcome Colin O’Keefe. Colin earned his BA in Business from Virginia Tech and began his career in credit card processing sales—then soon discovered how deceptive the industry can be.
Along with his business partner Tony Bolduc, Colin founded Merchant Cost Consulting as a way to bring more transparency to credit card processing and help his clients reduce fees… without having to jump through hoops.
Tune in to hear what Colin has to say about:
- How orthodontists can reduce their credit card processing fees—even without changing any software, vendors, or daily workflow
- What makes the processing model at Merchant Cost Consulting different from their competitors’
- Why a monthly statement audit is so important for staying on top of ever-changing processing fees
- The typical fees—and potential savings—that the average orthodontist practice is looking at with credit card processing
- What pricing looks like with Merchant Cost Consulting
- One of Colin’s favorite client success stories
In summary, here are a few of the key points Colin and Luke discuss:
- The vast majority of Colin’s clients are in the orthodontics and dental field, so he understands how busy these doctors, practice owners, and office managers really are. For this reason, Colin says, “We try to take up the least amount of their time as possible” while still optimizing savings opportunities.
- In most cases, he adds, the onboarding audit process requires no more than about 10 minutes of the client’s time—their account management team takes care of the rest. What’s more, the initial audit is completely free, and you can expect individual results within just a few hours. Plus, Colin’s team requires no upfront costs to get started.
- The strategy devised and perfected by Colin and his teams at Merchant Cost Consulting yields, on average, a 25 to 30 percent reduction in fees for his orthodontist clients, depending on factors like the vendor and pricing structure used by the client. (Several of Colin’s clients have realized over 40 to 50 percent in annual savings.) Colin’s team also has the ability to reimburse clients for extraneous fees dating as far back as six to 12 months earlier.
- “The savings that we obtain for our clients are, of course, very valuable,” Colin says. “But, in my opinion, the most important service we offer is the monthly auditing.” Why? “[T]hese credit card processing companies tend to fluctuate with fees” every few months or so. This constant flux leaves many areas of vulnerability for an already busy practice that may not have the bandwidth to stay current on all the changes. Not only can Colin’s team identify any discrepancies in fees, but they can ensure a speedy refund from the processing company. His ultimate goal? To ensure “no-nonsense” is going on—nonsense that can become costly over time unless identified and rectified.
Interested in working with Merchant Cost Consulting? It might be helpful to know they require no fixed fees, no annual fees, and no upfront fees. “We’re a performance-based company,” Colin says. What this means for their clients is that Colin’s team is only compensated when they’re consistently saving money for their clients.
A “no-brainer,” says Luke.
To get started on your practice’s free audit, check out Merchantcostconsulting.com today.