Cut Processing Cost Lives Up to Its Name
19th June 2012 · 0 Comments
Houston entrepreneur helps businesses save on credit card charges
Merchants nationwide who depend on the credit card industry for countless transactions on a daily basis will want to celebrate the arrival of a new company that can save them money on their business charges. Cut Processing Cost Inc., headed by Houston-based CEO and founder James Lee, monitors its clients’ bills and removes overcharges to save them 10 to 25 percent on their payments.
Lee points out that such overcharges represent a multi-billion dollar pain in the pocketbook for business owners. “The credit card industry includes more than 2,000 companies that provide electronic interchange for credit and debit transaction between banks and merchant, and it bills merchant clients more than $48 billion annually,” he says. “Many processors overcharge their merchant clients, though that fact is hardly known.” Cut Processing Cost eliminates this problem for its merchant customers by employing a proprietary tool called Rate Lock. ”Rate Lock scans each incoming credit card bill for overcharges and has those overcharges removed.” Clients split the resulting savings with Cut Processing Cost in a convenient, cost-effective “pay after performance” process.
Lee, a graduate of Texas Tech and Harvard Business School, spent two years searching for a business model with national potential. In October 2010 he seeded the company with $60,000 of his own money, though he has now has investors. Eventually he hit on a winning strategy of intensive advertising and remote selling via the Internet and related technologies. The company forecasts $1.1 million in 2012 sales, with an IPO planned within the next five years.
Lee credits “the Texas mindset that recognizes and appreciates risk-taking and entrepreneurship” as a critical aid to his success. His advice: “Never give up! Keep the faith! Believe in your dream, even if you are the only one who does.”