We helped these financial institutions get the very best deals from their vendors. Do you know how?
And we’re ready to show you how.
Debit/Credit Card Processing
This growing financial institution client had used our contract renegotiation services in the past and wanted to see what we could do for them when their debit card processing contract was coming due. We were familiar with their current processor, as well as the other choices available to them. Our thorough analysis showed there were opportunities available to them. Ultimately a straight renewal with their original debit card provider was decided upon where we were able to secure them $70,000/year in savings over a 7-year term with the JMFA Contract Optimizer program. That ends up being close to $500,000 in savings over the life of the agreement. We believe it speaks volumes when we have returning clients come to us again and again as their various vendor agreements come due. BACK TO TOP
Card branding agreements
Did you choose the card brand your institution uses or did you inherit it? We have found that many financial institutions fall into these two categories: 1) have been using the same one since the implementation of the card program or 2) they took the recommendation from their core processor and never looked back. Many don’t even know if they have a contract with their card brand let alone who their representative is. We have strong connections and contacts at all major card brands – VISA, MasterCard and Discover. We can make sure the card brand you have is the best solution for you and your account holders. It can no doubt be overwhelming to research the information when making such an important decision. That is exactly why our client chose the JMFA Contract Optimizer program for reviewing their VISA card brand agreement. After our review and careful negotiations, the recommendation was to stay with VISA. The institution received additional savings of $280,000/year totaling close to $1 million in savings over the 7-year term of the card brand agreement. This review and negotiation can take place in as little as 90-120 days – meaning your bottom line can be positively impacted in only 3-4 months’ time. BACK TO TOP
One client was feeling overwhelmed with its normal day-to-day operations and needed some assistance as their core processing agreement was coming due within less than 24 months. They decided the JMFA Contract Optimizer program could be their solution. The timing was perfect to do so. It gave us the opportunity to see how their existing core processor would respond to the review and negotiations. If the result wasn’t exactly the very best proposal, we had plenty of time to look at other vendors and put the service out to bid. Starting early can also be an advantage, especially to receive the very best in retroactive savings. The sooner we secured improved rates and terms, the sooner our client was able to achieve additional savings that impact the bottom line. In this particular case, the JMFA Contract Optimizer program was able to save the institution $72,000/year over a 7-year period. Not only did we help them reduce costs, we saved them a huge headache by taking this task off of their plate so they could stay focused on their day-to-day operations and even larger strategic growth initiatives. BACK TO TOP
Another client was familiar with the JMFA Contract Optimizer program because they had previously used us to negotiate their core processing agreement. In this instance their internet banking contract was coming due and they reached out to us to help them obtain the very best deal. They knew we were familiar with the internet banking vendors and that we had achieved great results for other clients. This gave them confidence we knew what to ask for during the negotiation process. Once we understood their specific needs, we sent the agreement out to bid among several providers. After negotiations, the decision was reached to stay the course with their original internet banking provider. With the JMFA Contract Optimizer program, we secured an additional $100,000/year savings on their behalf. Another win for the client and JMFA. BACK TO TOP