F+W is a content and e-commerce company headquartered in new york city. with more than 100 different magazines and online portals dedicated to niche categories such as crafts, art, writing, design, outdoors and lifestyle, the company faced some unique challenges related to credit card processing.
According to Rich Werner, vice president and controller of F+W, many of their sites operate independently. As a result, the company was working with six different payment processing companies. This created an unnecessary burden on Werner and his team, who had to deal with separate contacts and agreements.
Additionally, Werner was fairly certain that, overall, F+W was paying higher processing fees than they should be. Therefore, the search for a single processor began. In the end, F+W selected EVO B2B.
Proprietary EVO B2B Technology Yields Competitive Rates
An analysis of F + W’s credit card transactions revealed that the transactions should be classified into different interchange categories that would ultimately result in lower interchange fees for the company. For example, some transactions qualified for an emerging market rate, while others were purchases from B2B customers. By leveraging EVO B2B’s proprietary technology, F+W could take advantage of both transaction types and receive a reduction in fees.
In the time since earning F+W’s business, EVO B2B has continued to pursue low rates for the company.
“As our processing volume has increased, EVO B2B has rewarded us by adjusting their fees,” said Werner. “This was particularly valuable to us because like most companies, we feel continued pressure to ensure we’re being fiscally responsible.”
Werner continues by explaining that while EVO B2B’s initial low bid won them the business, there are other value-added benefits that have solidified the relationship between the two companies.
Development Expertise Leads to Efficiency Gains, Cost Savings
As an acquisition-focused company, F+W found itself with more than 100 websites, many of which were collecting payments differently. EVO B2B’s technology team worked with F+W’s development team for all the integrations, helping to quickly and seamlessly transition the company to EVO B2B.
Additionally, EVO B2B was able to draw from its expertise and point out that F+W was using Magento as its e-commerce platform. Magento has a preferred integration with Authorize.Net for payments and the functionality is nearly plug-and-play.
“Our EVO B2B representative advised us that if we were to change to Authorize.Net, it would be easier for our development team to add and update payment functionality,” said Werner. “By bringing that to light, EVO B2B helped our developers reduce their time spent on payments-related e-commerce functionality by 90 percent.”
Additionally, because EVO B2B had other customers using Authorize.Net, the company was able to consult with F+W on implementing the service.
“EVO B2B armed us with knowledge we would never have and put us in a great position,” said Werner.
PCI Expertise Helps Avoid Breaches, Fines
PCI and data security are critical areas for F + W. As an e-commerce merchant with significant volume, F + W is considered a Level 3 merchant for PCI requirements. Additionally, the amount of e-commerce volume makes the company a high risk when it comes to credit card fraud. Finally, because the company acquires new websites frequently, the acquired company brings its own systems and processes, which further complicates the data security landscape of F+W.
Overall, Werner said that PCI is a pretty overwhelming undertaking for the company to tackle. EVO B2B worked with F + W and their selected QSA step by step to help F+W become compliant.
“Our IT department has bits and pieces of knowledge about PCI, but not the whole picture,” said Werner. “Also, there was some amount of interpretation with the PCI questionnaire that made us uneasy. EVO B2B knew that we could face financial penalties from Visa and MasterCard and began to proactively encourage us to make the necessary adjustments to our systems and processes to ensure we avoided penalties and keep our customers’ cardholder data safe.”
By combining its experience with other customers, their knowledge of PCI, and their understanding of F+W’s payment and network infrastructure, EVO B2B was able to help F+W address any deficiencies in its security to become and remain PCI compliant.
Custom Reporting Gives Clarity to Payment Processing
EVO B2B has been able to help F+W stay on top of its credit card processing costs by providing customer reporting. Due to the high number of accounts (one for each website) and high volume of transactions, F+W needed custom reports created to give management visibility into each account, including chargebacks. Apart from seeing their payment activity, F+W is able to verify the rates it receives are as low as possible.
What began as a project won primarily on price has turned into a valuable partnership that goes beyond lower interchange fees.
“Oftentimes, when you put something out to bid, there will be bad surprises that pop up once you select a vendor,” said Werner. “The only surprise we’ve had with EVO B2B is that they’ve done better than we ever expected.”