Client’s perspective of Datainsure
Kevin Hill’s medical diagnostics company has worked for a decade with Datainsure, through all the ups and downs that small businesses typically endure. These days, with Hill’s business facing challenges due to shifts in government policy, that supportive relationship is more important than ever with Datainsure.
“With our margins having gone from 50% to 60% down to like 10%, every percentage point on a credit card transaction is crucial,” Hill says. That margin squeeze is the result of reductions in government reimbursements and an increase in government regulations, Hill says. So as Hill tries to control costs everywhere he can, he appreciates the fact that Datainsure offers card processing rates that are roughly half those of many competitors.
“Besides great rates, another thing Datainsure does is give me a free terminal,” Hill goes on. “If you’re not happy, they let you out of the contract. There’s good customer support. If you have questions, they’re right on point with answers. “
Datainsure has been around for 15 years. That’s a notably long run in an industry that has seen its share of fly by night operators. “In terms of attrition–in every business, and this one especially–people are coming and going every day,” says Marc Newman, Datainsure’s Chief Operating Officer. “Fifteen years is a very long time to be in this business.”
River Cohen, who founded and nurtured Datainsure, is more than just a successful entrepreneur. He’s also a philanthropist who is involved in everything from fighting hunger, to finding cures for leukemia to preserving forests. His stature in the industry has helped Datainsure build close and enduring relationships with major card processing players like Pivotal, Elavon and Intuit.
“We have such strong relationships and we do such volume with these companies that they allow us to give the customer better pricing than other companies out there,” Newman says. “We’re not looking to make a fortune off of each client. We look at the aggregate. A little bit here and a little bit there adds up, rather than trying to charge everyone for all they’re worth.” Bit by bit does indeed add up. Datainsure did over $1 billion in processing in 2016.
Datainsure tailors its credit card packages to the diverse needs of each customer. “There are so many variables,” Newman says. “Are you keying in cards? Are you taking cards over the phone? Or do you have a swiper? We specialize in getting to the bottom of what your needs are and seeing how can we best fulfill those.”
That’s what Datainsure did for Hill’s 15-employee company, Arizona-based Triad Diagnostic Solutions, which does diagnostic testing for nerve damages. Hill says that other credit card companies were charging 3% to 5% for transaction, depending upon the type of card. Datainsure charges around 2.5% to 2%, without variation among different types of cards.
Hill has had dealings with Datainsure’s competitors, but some were more notable for slick marketing campaigns than low rates. “They’ll tell you, ‘We’ll give you better any rates,’’’ he says. “But in reality when you’re dealing with so many different cards, they offer different rates depending on the card. Yeah, they might have the lowest rates in certain areas, but across the board Datainsure has some of the lowest rates going.”
Hill also had problems getting competitors to honor contracts. Several years ago, Hill says he canceled the service with a processor within the window of time allowed by the contract. The card company interpreted the contract differently, however. “They tried to charge me $4,000 for a terminal I never once used once,” he says.
In contrast, Hill has developed a relationship based on trust with Datainsure. “I have a real good agent, Chris O’Grady, who handles my account,” Hill says. “I trust him implicitly. If he says that I need to do something, I say OK. He’s not trying to gouge me or anything. Because I’ve been gouged by credit card processors before.”
Rather than overcharging Hill or sticking him with equipment he couldn’t use, Datainsure has given him some valuable hardware and software. “They gave me a Verifone terminal that’s really simple and easy to use,” Hill says. Datainsure also offers clients free updates of their Quickbooks accounting software. More than three quarters of small businesses use Quickbooks, and accountants everywhere swear by it.
“Originally, what set us apart was ability to integrate processing with Quickbooks,“ Newman says. “We know people don’t like to spend money and we’re happy to give them the latest version of Quickbooks.”
Says Hill: “It’s just a very easy to use program. It’s straightforward for someone who’s not necessarily the most information tech savvy. The ease of use is a real plus. “
PCI Compliance and Data Breach Protection
Hill’s business has also benefited from Datainsure’s status as pioneers in PCI Compliance and Data Breach Protection. That’s crucial for Hill because of the Health Insurance Personal Portability and Accountability Act (HIPAA), which sets stringent standards for ensuring the confidentiality of health records. “Any transaction you do in the medical field, whether with a credit card or just the transfer of personal files, has to be protected so a third party can’t see it,” Hill says. Datainsure’s emphasis on PCI Compliance “helps my business out tremendously. They work hand in hand with medical offices.”
Datainsure’s partnership with Triad Diagnostic isn’t an unusual case. “We’re so large we’re able to give customers a better deal,” Newman says. “ We’re basically saying we’re going to upgrade your version of Quickbooks, give you whatever equipment you need to be successful, and lower your rates at the same time.”
Don’t wait any longer. Speak to a Datainsure representative today.