DomicoPay Saves on Fees - Domico Customer Saves on Processing Fees by Switching to DomicoPay
August 20, 2019
Introduction to DomicoPay Case Study
One way to learn whether DomicoPay saves on fees is to analyze the cost savings impact DomicoPay has on customers processing card payments through DomicoPay. We compare the DomicoPay fees to the customer’s previous processor. In this case study, we examine how a Domico customer saved 52.7% on processing fees by switching to DomicoPay.
Featured Customer in DomicoPay Case Study
Company: The Storage Place of Hemet
Client/role: Derek Combs – Manager
Industry: Self Storage/ Payment Processing
Partnership length: 24 years
Who They Are
The Storage Place of Hemet is an independently owned and operated storage facility serving the Hemet/San Jacinto Valley and surrounding areas. These two cities are located in the San Jacinto Valley of Riverside, California.
What They Do
- They offer about 604 units in total in self storage, auto, boat, and RV storage. Self storage units are available for rent indoor and outdoor, with variations of hallway swing doors, roll-up doors, and full swing doors. In the other categories, they offer storage for less than 18ft, boats/RVS/trailers up to 30 ft and up to 40ft.
- Owners and managers at the Storage Place of Hemet take pride in serving their community, offering friendly and responsive service. They are also members of the Chamber of Commerce and have supported various local events, sports, and school activities.
Problem Presented in DomicoPay Case Study
They felt they were being charged way too much in card processing fees. They were experiencing high fees considering the low risk of chargebacks in the self storage industry.
“The fees are ridiculous!”
The Impact of This Problem
They were spending a lot of money to collect card payments for their storage business. Not only were the fees high, but they weren’t transparent.
How We Worked With Our Customer
Derek responded to an early campaign we sent out to customers, where we shared the great news about the tightly integrated credit card processing solution for current Domico users. In his inquiry, he asked us to contact him to see if we can help his site save money on processing fees. Within two days, we were able to collect the information we needed in order to provide Derek with a statement analysis. We estimated that we could save them about 53%.
Solution Presented in DomicoPay Case Study
Within a couple of hours, we were able to get the facility started on the application process. Just 10 days later, we worked with Derek to get DomicoPay installed and processing.
“I have been using the new Domico CC processing for over a month now. I can honestly say they are saving us close to 50% in processing fees.”
Impact Presented in DomicoPay Case Study
The Qualitative Impact
DomicoPay tightly integrates with the Domico software stand-alone and cloud version, funneling all aspects of the product maintenance and support to one place – the Domico support team. It is also more secure, providing The Storage Place of Hemet with full compliance, tokenized CC data and nothing is stored locally.
The Quantitative Impact
Based on Derek’s first two full months of processing with DomicoPay, his average processing fee came out to 2.28%, 2.32% (or over 50%) lower than the processing rate charged by the previous processor. For a facility that size, processing as many as 200 transactions a month, Derek hopes to save thousands of dollars in processing fees a year.
With DomicoPay Payment Processing, The Storage Place of Hemet saved $645 per month/$7,738 per year – a total of 52.7% on processing fees by switching to DomicoPay.
DomicoPay Can Also Save you on Fees!
1 – Let us know you’re interested
Derek responded to our campaign when he learned that our exclusively integrated payment processing solution could save him time and money
2 – Receive a Statement Analysis
Within 2 days, we collected the information needed to provide Derek with a statement analysis
3 – Sign up
After learning we can save him about 53% in processing fees a month, he immediately signed up!
4 – DomicoPay Saves on Fees
Within 10 days, DomicoPay was installed at The Storage Place of Hemet, where they began processing payments and saving money