If your business accepts credit cards and you want to be sure you’re not paying any extra fees Interchange Brokerage Company (IBC) is a financial service you want to use and Chris Schilling is the person to contact.
IBC is an independent third party whose sole purpose is to reduce excessive merchant processing fees for business owners without changing their current provider. They are the experts who help business owners find hidden costs, stop overpaying excessive fees and prevent unnecessary fees. The company was founded to reduce the core processing costs for their clients through their proprietary techniques. IBC is designed to protect the business owner’s bottom line and not the bank’s.
“Any company that accepts credit cards is a potential client,” Schilling explained. “Current clients range from dental practices to online stores, restaurants to auto mechanic shops, and more. I am happy to help anyone with any question they may have regarding our services.”
In addition to helping their clients save money by avoiding excessive charges, IBC also acts as the watchdog for the credit card processing industry.
According to Schilling, it is important for IBC to oversee the credit card processing industry because “merchant processing is an unregulated industry and the credit card and processing companies can do and charge whatever they want.”
He continued, “We audit business owners’ accounts and make sure they are paying only the fees they should be paying.”
Since September 2011 IBC has been reporting hidden fees they find to the Consumer Financial Protection Bureau (CFPB). The CFPB was formed to protect consumers against unfair credit card practices but will not begin to protect merchants from unfair interchange practices until 2015. Schilling said that the laws on these practices won’t change for several years because there are currently no laws that cover business owners.
“We are the only independent company in the Unites States that does this and we have no ties to a merchant service company therefore the Feds are only using our numbers to look at regulating the industry,” Schilling said. “Businesses are paying a lot of fees that they are unaware of. Last year it was a $48 billion industry with $37 billion of that in excessive fees.”
Hoping to change what is currently an unregulated industry, IBC uses their Rate Lock program to find the hidden fees on a merchant’s statement and eliminates them by locking out the excessive rates banks and processors charge. The program then monitors the account to make sure the fees don’t return.
According to Schilling, joining the Glendale Chamber and ultimately becoming an Ambassador has helped his business tremendously.
“I enjoy the events and the networking very much and the cost to join is incomparable,” he added.
For more information and a free evaluation please contact Chris Schilling at 816-351-2637 or email Chris.