Medical technology manufacturer saves $880,000 a year in credit card processing fees
In annual fees
In monthly interchange fees
Payments team headcount
Leica Microsystems manufactures microscopes and scientific instruments for the analysis of microstructures and nanostructures. Founded as a family business in the nineteenth century, they are now a global enterprise. They are recognized as the market leader in compound and stereo microscopy, digital microscopy, confocal laser scanning and super-resolution microscopy with related imaging systems, electron microscopy sample preparation and surgical microscopy.
With a vast customer base, Leica struggled to manually process their customers’ 1,000-plus credit card payments a month. To manage, they needed a team of employees solely dedicated to manual credit card data entry. They were also overspending on the interchange fees associated with Visa and Mastercard payments.
To mitigate their problems surrounding customer credit card payments, they did some research and found that some of their partner companies had found great success using Billtrust solutions. They believed that Billtrust’s Business Payments Network (BPN) could support their volume of payments. This network and its virtual card capture technology would help automate their credit card payments process as much as possible and help to lower their spending on processing fees.
Since partnering with Billtrust in 2019, Leica has seen great savings. With BPN and its automated technology, they’ve taken advantage of reduced Level II and Level III credit card processing fees, which delivered an average savings of $79,000 a month in interchange fees. In February 2020 alone, Billtrust helped lower their overall effective rate (total processing fees divided by total sales volume), leading to $73,235 in savings for the month. Additionally, they’ve also been able to stabilize their payments team and broaden their focus outside of credit card payments to help support other strategic internal initiatives.
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