Everyone looks to their GPO to cut costs on supplies, but few are aware that a GPO portfolio can help reduce costs on financial services and help you save on credit card services. This under-utilized portion of our portfolio offers several opportunities for savings. That’s why I joined guest presenters from US Pay, American Express and PNC Healthcare during a quarterly CHAMPS Talks webinar on payment processing last month.
So why should GPO members care about credit card services?
Our members use credit cards, both as merchants and payers, and in both cases there is a financial and operational cost. By partnering with CHAMPS Group Purchasing to manage these services more astutely, you can save on credit card services in the following ways:
- Create efficiencies through the use of credit cards.
- Use purchasing cards and electronic payables to increase cash flow.
- Lower costs associated with electronic payables and credit card processing.
- Maximize rebates available from your electronic payables.
How can CHAMPS GPO members save on credit card services?
Through our relationship with Premier Inc., we offer our members two portfolios of contracts that help them save on credit card services:
Credit Card Processing: This category includes equipment and services for processing credit card transactions and making secure online payments.
How We Help You Save: By utilizing our Premier contracts for credit card processing, you can reduce your transaction fees and bad debt, achieve greater transparency for all service fees, ensure HIPAA and Payment Cards Industry compliance, as well as receive value-added services at no additional cost to your organization.
Purchasing Cards & Electronic Payables: These services (which are becoming more and more popular) allow users to make business-to-business electronic payments and can be used as a strategic form of payment in accounts payable.
How We Help You Save: By utilizing our Premier contracts for purchasing cards and electronic payables, you can reduce administrative expenses, increase cash flow by improving payment float, receive rebates on purchases, mitigate risk, improve supplier relationships and reduce fees.
Many of our members have found credit card services to be an area of untapped savings potential. Are you doing everything you can to save on your credit card services? Explore the possibilities with your financial team by asking the following questions:
- What services do you currently use?
- How do the benefits of your current provider match up with those offered by contract vendors?
- Could implementing a new electronic payables service help you address an operational problem or bottleneck?
Interested in learning more about how to save on credit card services with CHAMPS? Contact us to learn more.