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Sep 1, 2012
Sterling Buying Group has been around for more than six years, spearheaded by credit card processing industry veterans who have grown the company in excess of 20 to 40 percent annually. To managing partner Howard Cooper, running the business is not just about getting clients in the door, it is taking care of those clients and making sure that customer service is consistently at the forefront of every client interaction. Boasting one of the highest client retention rates in the business-to-business industry, with client loyalty passing 96 percent, Cooper attributes this outstanding figure to holding clients' hands in every step of credit card processing, in every scenario, through every issue, no matter what happens along the way.
Recently, Sterling Buying Group trademarked a product called the Interchange Management Program, which identifies savings opportunities within costs paid to credit organizations and banks. "In credit card processing, there are two pieces of cost that we look at," Cooper explains. "There's the cost paid to brokers over and above the bank fees, called soft cost, then there's hard cost, where the majority of the savings opportunity is, which is paid to the card associations like Visa, MasterCard and issuing banks. Approaching processing this way has an average of three times the impact on your bottom line than the reduction tactics of our competitors." Sterling Buying Group works to develop a superior infrastructure for supporting clients, better technology to process the transactions, a back-end system to make sure that cards qualify for the least expensive cost, and the ability to support nearly any business and any system.
The Interchange Management Program is cutting edge. It allows Sterling Buying Group to help companies reduce cost. Often times, Cooper encounters companies that have been offered a phenomenal deal by the bank, but solely within interchange costs. The bank may charge its customers next to nothing, or offer its credit processing services for free, but Cooper will still beat bank quotes by focusing on the largest portion of what companies pay in interchange fees. "We attract companies that are publicly traded because, frankly, we have a better mousetrap than other credit card processing companies," says Cooper. "With our newest technology in the Interchange Management Program, we're the only company in the U.S that can effectively control interchange fees on any credit card sale, including those performed on credit card terminals. That's technology that no one else has."
Additionally, Sterling Buying Group focuses on Payment Card Industry compliance, which defines the responsibility of merchants to protect cardholder data. The Sterling Buying Group Online PCI Compliance Library is pulled from the PCI Standards Council and goes through all of the Council's documents. "For those who don't understand what PCI compliance is all about," Cooper explains, "I try to untangle the confusion about it so that businesses are better equipped. By helping companies mitigate risk, we figure out the best way to tackle it."
For more information:
Sterling Buying Group
3802 Ford Circle
Cincinnati, OH 45227
Topic: New Products
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