The last decade has been filled with accelerated consolidation across a wide variety of industries. And the printing industry is no exception. Mergers and acquisitions large and small are everywhere, chiefly due to the prevalence of small and medium-sized businesses within the industry.
Over the past 5 years, 47,153 Print Service Providers (PSPs) have closed or been acquired. Some see this as an opportunity, but, for many print service providers, this rampant consolidation is causing concern. Independent and family-owned businesses are wondering how long remaining independent will be practical.
Small to medium-sized providers have one key advantage over larger businesses: flexibility. As an independent business owner, you’re empowered to innovate and experiment in ways that many larger organizations are not. Here are some steps small to medium-sized providers can take that will have them going toe-to-toe with even the largest competitors.
Reduce Your Rates
The number one thing small to medium-sized PSPs can do to stay competitive is keep costs down, while still offering the personal attention that large organizations can’t. But, in order to keep pricing competitive for clients, businesses must confirm they’re not overpaying their own vendors.
Take credit card processing. This service has many benefits to print companies, but because of the unique way PSPs handle cards, it’s common for them to be overcharged. Most PSPs see a mix of business coming from consumers, other businesses, and the government.
What many don’t know is that rates on business and purchasing cards are generally more expensive if certain additional data is not submitted with a transaction. Utilizing a processing method that allows you to qualify for the lowest rates, whether you’re swiping or manually entering card information, can save thousands of dollars a year.
BASYS Processing makes accepting credit cards and debit cards convenient, safe and affordable. They provide services and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale; customized to fit any need. They are dedicated to working one-on-one with you to design the perfect solution for your business. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. BASYS is Personalized Payment Processing. BASYS is the preferred credit card processor for Graphic Media Alliance.
Contact your BDD for a competitive rate analysis.