RPM International is a large multinational holding company based out of Cleveland with 30-plus business units that produce coatings, sealants, and specialty chemicals, primarily for maintenance and improvement applications. Their most recognized consumer brands include Rust-Oleum, DAP, Zinsser, and Testors hobby products.
A few years ago, the payment environment of RPM’s various companies was less than ideal. Each company was processing through its own processor. Some of the companies were letting their banks handle it. Some of the companies had their processing integrated into RPM’s ERP system, while many didn’t. Some were using standalone terminals and some were using virtual terminals.
According to Terry Pfleiderer, Enterprise Systems Manager for RPM, this chaotic situation was costing the companies a considerable amount of time and money, as each had to handle their own negotiations. Additionally, there was no leveraging of the overall transaction volume of the combined RPM International companies. Therefore, RPM sought a unified payments solution.
“We wanted to create an umbrella that would cover all the companies so they didn’t need to worry about payment processing, and get ourselves the best rates possible,” said Pfleiderer. “No other payment company could meet our needs until we found EVO B2B.”
EVO B2B was able to streamline RPM’s payments by bringing it all together under one process. Over the course of a few months, EVO B2B’s team coordinated the communication and paperwork necessary for each company to make the switch to a unified payments environment.
“Such a large project could easily become a nightmare with a lot of disruptions for everyone involved, but it went smoothly,” said Pfleiderer. “It was a totally seamless transition.”
Today, all of RPM’s companies are processing through EVO B2B, with each having access to the same reporting and contacts for support. The end result is a simplified payment processing environment with significant cost savings.
Proprietary Technology Leads to Long-Term Cost Savings
RPM wasn’t getting any credit for Level 2 and Level 3 P-Cards (purchasing cards). Because of EVO B2B’s technology, RPM was able to pass on the necessary Level 2 and Level 3 P-Card data and earn lower rates. Also, in the cases where banks were facilitating the processing, removing that third party from the picture created additional savings that could be passed on to RPM. The first year projected savings to RPM was 34 percent compared to costs incurred with their previous processor, which wound up being eclipsed.
RPM had negative experiences in the past with other payment processing vendors who talked a good game initially but then raised rates over time. With EVO B2B’s services, RPM will continue to receive the lowest rates possible.
“EVO B2B’s Interchange Management Services are geared toward looking after my costs and ensuring we’re processing at the lowest interchange possible with my card mix,” said Pfleiderer. “I no longer have to spend time worrying about our processing fees.”
Put PCI Compliance Behind You
After a month of processing with EVO B2B, the payment company’s team performed a 30-day review to go over rates (projected and actual), teach RPM how to read their merchant statement, and walk RPM through EVO B2B’s reporting portal. Additionally, EVO B2B set up time to talk about PCI compliance with RPM’s IT person and then walk them through what they needed to do.
“Unlike other payment companies or banks that simply send a letter telling you that PCI is something you need to deal with, EVO B2B helped us with the entire process,” said Pfleiderer. “Today, I don’t have to worry about PCI because I know all of our companies are compliant.”
Let EVO B2B Manage Your Processing
Perhaps the biggest benefit to partnering with EVO B2B is that Pfleiderer and his team no longer have to spend time and energy on payment related issues.
“EVO B2B’s customer service really is off the hook,” he said. “They’re wonderful. If RPM acquires a company, I make a call to EVO B2B and the boarding process is taken care of.”
Pfleiderer goes on to say that, while he’s still the company point person for payment processing, all the company CFOs contact EVO B2B directly if they have questions or needs.
With the financial benefits as well as peace of mind gained from partnering with EVO B2B, RPM’s payment woes are well in the past.
“If all my vendors were as good as EVO B2B, life would be way easier,” Pfleiderer said. “EVO B2B allows me to spend time on our business rather than having to worry about payment processing.”