Uncovering Hidden Fees To Save Your Business Money

We know your business pays its bills every month, but when was the last time someone really took time to examine them?

Hidden fees in your bills can take hundreds of dollars away from your business every year. There are many different ways that extra charges can accumulate, but here are the ones that we see the most often:

Method of Invoice Delivery

More and more companies are moving toward paperless billing, for financial and environmental reasons. They may charge a small fee for receiving a paper bill, or may offer a discount for switching to paperless billing. On the flip side, some businesses charge a “convenience fee” for paying your bill online rather than by mail. A close analysis of your bills can help you determine where these charges or savings exist.

Equipment Leasing

Are you leasing your cable modem, copier, coffee machine, or other equipment? You may want to research to see if purchasing your own equipment will offer you bigger savings. Oftentimes, the upfront purchase of equipment will cost more initially, but will save you money in the long run.

Payment Processing Fees

If you accept credit card payments, you are likely paying a fee to the company that processes that payment. Rates can vary based on the size of the payment and type of card used, and statements don’t always make these rates clear. There can also be surcharges and other fees that are difficult to interpret. Taking time to understand this bill.

Surcharges and Fees

Surcharges and fees have all kinds of names, but they all provide the same end result – a higher invoice to you and your company.  If you see words like these —  Fuel, Environmental, Administrative, Delivery, Regulatory, Energy, Service, Convenience, Cost Recovery, Maintenance, or Handling —  followed by the word “surcharge” or “fee,” you can rest assured your invoice is moving higher.  Many times these charges can be negotiated or even eliminated, putting the money back where it belongs.

Going through each one of your bills to search for hidden fees can be profitable, but it’s also very time consuming. That’s why we’re here. At Silverback, our job is to look for all the ways we can cut your costs, including interpreting your bills and eliminating hidden fees.

Contact us today to find out how we can bring those hidden fees to light and put more money in your pocket.

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