As the owner and operator of Pearle Vision stores and vision centers in Minnesota, Dr. Lawrence Siegel works to provide the most suitable eye care solution possible for his patients. With over 30 years of experience as an optometrist, Dr. Siegal assists his patients with everything from providing annual exams to prescription lenses. He and his team at Pearle Vision are dedicated to helping their patients get the care they need and want most.
In an effort to increase cash flow, Pearle Vision in Minnesota needed a new, cost-effective payment processing solution that would provide insight on their finances while also lowering the expensive credit card processing fees they were being forced to pay monthly.
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How Pearle Vision Made the Switch to a Better Way to Process
While his practices weren’t being charged exceptionally high percentage markups, it wasn’t long until the costly hidden fees from using a traditional payment processor and long waits for funding began eating into Pearle Vision’s bottom line. A closer look revealed that he was paying almost 3% extra per transaction in hidden fees and the excessive fees were driving up Pearle Vision’s credit card processing bills every month.
With his practices continuing to grow, Dr. Siegel knew he needed a processor that could support his ability to scale his practice and increase his bottom line. “I was in negotiations to acquire another Pearle Vision franchise. There were going to be more transactions and more revenue generated… I wanted a company that could handle all of this seamlessly.”
The Solution: Add Stax’ Integrated Payment Platform
Dr. Siegel’s primary goal was finding a company that had a great reputation, and fair pricing to lower the fees he would be charged. During his search, he learned about Stax’ analytics dashboard—a unique feature that provides him with an insightful snapshot of the health of his practices directly within the Stax Platform.
Not only would he be able to see how even the smallest change impacted his locations over time, the unique Stax feature would also allow Dr. Siegel to find areas he could increase greater cost efficiency on top of eliminating thousands of dollars in transaction and processing fees—and at no additional cost.
“They have wonderful charts to see how your business finances compare from one month to the next or even year to year,” Dr. Siegel said, “They have made my life a lot easier.”
He also learned about his ability to receive his funds in less than 3 days through the platform, allowing him to eliminate his long wait times and get paid quickly for his patient services.
After seeing just how much he could save, Dr. Siegel made the switch. And the transition, he said, “was painless and simple. The staff has always been pleasant and friendly to work with.”
The Results: Pearle Vision Saves Thousands Per Year Per Location and Improves Cash Flow
Since the switch, Pearle Vision has been able to save over $4,000 a year per location in transaction and processing fees alone. These savings have helped Dr. Siegel successfully scale both practices while also keeping an eye on their health. Additionally, he was getting paid the following day after his patients paid for their visits.
“I am now receiving my transactions the next day and have saved hundreds of dollars each month,” he said.
With Stax’s commitment to transparency, Dr. Siegal’s practices have been able to continue processing as much as they want without any hidden fees or contracts.
Recap: Why did Dr. Siegel choose Stax:
- The Stax Analytics Dashboard provided Dr. Siegel with a singular view of transaction data so that he could quickly and easily see how his locations were performing without charging him any additional fees such as Activation Fees, Analytics Fees, etc.
- Next Day Funding gave Dr. Siegel the ability to access funds allowing him to quickly manage and predict cash flow
- Savings of almost $350 a month in processing fees at a single location through Stax’ subscription-style pricing and unlimited access to direct interchange rates
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